Gold prices increase marginally

By Dat Nguyen   March 20, 2024 | 11:24 pm PT
Gold prices increase marginally
A person holds a gold ring at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bar price rose 0.49% to VND81.7 million ($3,297.01) per tael Thursday morning.

Gold ring price surged 1.67% to VND69.9 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices climbed to a record high on Thursday, as the U.S. dollar and bond yields ticked lower after the Federal Reserve maintained its projection of three rate cuts for this year, Reuters reported.

Lower interest rates decrease the opportunity cost of holding non-yielding bullion and weigh on the dollar, making gold cheaper for investors holding other currencies.

Spot gold was up 0.8% at $2,203.84 per ounce after hitting an all-time high of $2,222.39 earlier in the session. U.S. gold futures jumped 2.1% to $2,206.30.

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