Gold prices rise marginally

By Minh Hieu   March 31, 2024 | 08:52 pm PT
Gold prices rise 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 increased by 0.24% to VND81 million ($3,266.75) per tael Monday morning.

Gold ring price also rose 0.78% to VND71 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices rose to a record high on Monday, as a softer U.S. inflation report cemented bets that the Federal Reserve would deliver its first interest rate cut of the year in June, Reuters reported.

Spot gold was up 1.2% at $2,258.71 per ounce after hitting an all-time high of $2,259.49 earlier in the session. U.S. gold futures gained 1.8% to $2,279.10.

"The absence of any upside surprises in the core PCE price index release may have provided further go-ahead for gold prices to push into new record territory," said IG market strategist Yeap Jun Rong, referring to the personal consumption expenditures (PCE) price index report.

The latest U.S. inflation data is "along the lines of what we would like to see," Fed Chair Jerome Powell said, indicating that a June interest rate cut was on the table.

Lower interest rates reduce the opportunity cost of holding bullion.

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