Gold prices inches up

By Minh Hieu   March 14, 2024 | 09:57 pm PT
Gold prices inches up
A person arranges gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bar price rose 0.61% to VND81.6 million ($3,298.97) per tael Friday morning.

Gold ring price decreased by 0.08% to VND68.95 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices were on track on Friday to snap a three-week winning streak as surprisingly hot U.S. inflation readings prompted traders to re-think on how swiftly and deeply the Federal Reserve could cut interest rates this year, Reuters reported.

Spot gold was up 0.1% at $2,163.92 per ounce but on track to post a weekly fall of more than 0.6%, its first since mid-February.

U.S. gold futures were steady at $2,168.00.

U.S. producer prices increased more than expected in February. A reading on consumer inflation earlier this week also showed some stickiness in inflation.

Higher inflation adds pressure on the U.S. Fed to keep interest rates elevated, weighing on non-yielding assets such as gold, and increasing appeal for bonds, raising the dollar.

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