Gold prices steady

By Dat Nguyen   February 5, 2024 | 08:44 pm PT
Gold prices steady
A person holds gold bars at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bar price fell 0.13% to VND78.35 million ($3,215.68) per tael Tuesday morning.

Gold ring price was steady at VND64.4 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Across Asia, gold price was seen oscillating in a narrow trading band during the Asian session on Tuesday and consolidating its recent losses, to over a one-week low around the $2,015 region touched the previous day, according to data platform FXStreet.

A minor weakening of global risk appetite is observed to be providing some support to the precious metal known for its safe-haven status.

However, a strong U.S. dollar and predictions that the Federal Reserve may not reduce interest rates as previously thought serve as obstacles.

Hawkish remarks from various Federal Reserve officials, including Chair Jerome Powell, have led investors to temper their hopes for significant policy relaxation in 2024.

This adjustment in expectations has been a primary reason for the recent significant increase in U.S. Treasury bond yields, which is expected to bolster the value of the dollar and limit the rise in gold prices.

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