Gold prices soar to new high

By Minh Hieu   May 5, 2024 | 08:35 pm PT
Gold prices soar to new high
A person holds gold bars at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bullion prices rose 0.7% to a new all-time high of VND86.5 million (US$3,406.79) per tael Monday afternoon, surpassing the previous peak of VND86.2 million achieved in the morning.

Gold ring prices went up by 0.33% to VND75.05 million per tael. A tael equals 37.5 grams or 1.2 ounces.

SJC prices have been on the rise for the past two weeks, widening its gap with global gold prices by 17.7% to VND15.3 million per tael.

The State Bank of Vietnam has been unable to narrow the price gap because its gold auctions have been canceled several times due to low participation as businesses deemed its floor prices to be too high.

Globally, gold price (XAU/USD) loses its recovery momentum around $2,295 on Monday during the early Asian session, FXStreet reported.

Investors will keep an eye on Fedspeaks this week, along with the first reading of the US Michigan Consumer Sentiment Index for May this Friday.

The precious metal climbed to $2,320 after the US Employment data was released last Friday due to the downbeat US economic data but erased its earlier gains after the hawkish remarks from the Fed.

Gold price trades on a softer note near $2,295 on Monday.

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