Gold rebounds to highest this year

Gold ring price rose 0.17% to VND57.6 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices were flat on Monday as investors continued to price in a pause in interest rate hikes by the Federal Reserve at their policy meeting this week with a focus on the U.S central bank’s rate outlook, Reuters reported.

Spot gold was listless at $1,924.29 per ounce. U.S. gold futures steadied at $1,946.10.

Faster growth, cooler inflation and a job market that won’t quit have set the stage for an updated batch of forecasts from Fed officials this week likely to reflect their growing faith in prospects for an economic soft landing.

Chinese gold prices hit record highs last week, extending a months-long rally as consumers snap up the safe-haven asset to offset a depreciating yuan. Physical gold premiums also soared to a new highs amid a lack of fresh import quotas.