Gold prices increase slightly

By Minh Hieu   April 3, 2024 | 12:01 am PT
Gold prices increase slightly
A person holds gold bars at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bar price rose 0.37% to VND81.6 million ($3,266.81) per tael Wednesday morning.

Gold ring price also rose 0.7% to VND71.65 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices extended a record run on Wednesday as concerns of rising inflation boosted demand for gold as a hedge, with bullion traders shrugging off doubts over an imminent U.S. interest rate cut and rising Treasury yields, Reuters reported.

Spot gold was up 0.3% at $2,286.24 per ounce and hit a record high of $2,288.09 earlier in the session. Bullion has hit record highs consecutively since Thursday.

"Gold continues to receive safe-haven flows as Ukraine continues to attack Russia's oil infrastructure, to the point it is ignoring rising U.S. yields and the prospects of the Fed not cutting rates in June," City Index senior analyst Matt Simpson said.

"With commodity prices rising in general, it brings the risks of another round of inflation - so perhaps investors are hedging for inflation," Simpson said.

Gold, which is used a hedge against inflation and a safe haven during times of political and economic uncertainty, has gained more than 10.8% so far this year and is set for a seventh consecutive daily rise.

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