Gold prices steady at all-time high

By Minh Hieu   May 7, 2024 | 09:17 pm PT
Gold prices steady at all-time high
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bar price was steady at its historic peak of VND87.5 million ($3,440.82) per tael Wednesday morning.

Gold ring price fell 0.13% to VND75.1 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold price attracts some buyers during the Asian trading hours on Wednesday, FXStreet reported.

Safe-haven demand, fueled by geopolitical tensions and uncertainty, as well as ongoing central bank purchases, might contribute to a rally in gold.

Nonetheless, the hawkish remarks from Federal Reserve (Fed) officials might dampen hopes for potential interest rate cuts in 2024, despite weaker-than-expected US employment reports in April. This, in turn, might drag the precious metal lower.

Gold was up 0.16% to $2,318.73 per ounce as of 11:30 a.m.

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