Gold prices gain

By Dat Nguyen   January 31, 2024 | 01:42 am PT
Gold prices gain
Gold jewelry on display at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bar price rose 0.39% to VND77.65 million ($3,179.78) per tael Wednesday morning.

Gold ring price went up 0.08% to VND64.15 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices, on Wednesday, were headed for their first monthly dip in four as investors tempered their bets of swift and deep U.S. rate cuts in the light of a resilient economy, ahead of the Federal Reserve's monetary policy decision later in the day, Reuters reported.

Spot gold was flat at $2,036.10 per ounce after touching a two-week high of $2048.12 in the previous session. Prices have dropped 1.3% so far this month.

"Gold's seasonal rally seemed to have arrived early, so it's not too much of a surprise to see it struggle this January ... traders are slowly coming around to a less-dovish Fed than they had hoped for in December," said Matt Simpson, a senior analyst at City Index.

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