Gold prices near historic peak

By Dat Nguyen   February 26, 2024 | 08:56 pm PT
Gold prices near historic peak
A person holds gold bars at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bar price went up 0.63% to VND79.5 million ($3,226.46) per tael Tuesday morning.

Gold bar is now nearly 1% away from the historic peak of VND80.3 million established in Dec. 26 last year.

Gold ring price rose 0.15% to VND64.95 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold price regained some positive traction following the previous day's modest pullback and holds steady above the $2,030 level during the Asian session on Tuesday, according to financial data platform, Reuters reported.

A fresh leg down in the U.S. Treasury bond yields kept the U.S. dollar bulled on the defensive, which, in turn, is seen acting as a tailwind for the commodity.

The Federal Reserve's aggressive stance on maintaining elevated interest rates for an extended period could prevent any significant increase in the value of gold, which does not yield any interest.

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