Gold prices rise

By Dat Nguyen   January 2, 2024 | 09:14 pm PT
Gold prices rise
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bar price gained 0.67% to VND75.5 million ($3,099.66) per tael Wednesday morning.

Gold ring price fell 0.16% to VND63.05 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold entered 2024 under pressure from a jump in the U.S. dollar, but held its ground on expectations the Federal Reserve will cut interest rates this year and rising concerns over attacks on shipping in the Red Sea, Reuters reported.

Spot gold steadied at $2,061.59 per ounce on Tuesday by 2:30 p.m. after rising as much as 0.8% earlier in the session. U.S. gold futures slipped 0.1% to $2,070.30.

The dollar index rose 0.8% on track for its biggest daily gain since July, supported by higher U.S. yields, making dollar-priced bullion more expensive for overseas buyers.

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