Gold prices tiptoe up

By Dat Nguyen   May 2, 2024 | 12:31 am PT
Gold prices tiptoe up
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bar price rose 0.12% to VND84.9 million ($3,345.15) per tael Thursday afternoon.

Gold ring price dropped 0.53% to VND75.1 million per tael. A tael equals 37.5 grams or 1.2 ounces.

On Thursday, the price of gold faced new selling pressure, reversing some of the gains made from the previous day's recovery from a near four-week low, according to financial data provider FXStreet.

Gold was down 0.59% at $2,305.30 at the time of publishing.

Federal Reserve Chair Jerome Powell stated on Wednesday that inflation remains excessively high and that the timeline for reducing it is uncertain, the report said.

This implies that the Fed may maintain higher interest rates for an extended period, boosting U.S. Treasury bond yields and decreasing the appeal of gold, which does not yield interest, it added.

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