Gold's rally continues after reaching record

By Dat Nguyen   April 9, 2024 | 12:30 am PT
Gold's rally continues after reaching record
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bar prices rose 1.44% from Tuesday morning to VND84.3 million ($3,377.07) per tael in the afternoon.

It is now at a new record after reaching a new peak in the morning. It has risen 2.3% from Monday.

Gold ring price went up 1.14% to VND75.15 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices rose on Tuesday, hovering near a record peak hit in the previous session, supported by firm central bank buying, while investors watched out for the Federal Reserve's policy meeting minutes and U.S. inflation data for fresh signals, Reuters reported

Spot gold was up 0.3% at $2,345.09 per ounce after hitting a record high of $2,353.79 on Monday. U.S. gold futures gained 0.5% to $2,363.50.

"Inflation data this week poses a risk if the readings come out on the hotter side of the ledger. But gold has been immune this week from rising bond yields, which could be a bullish signal for gold in the medium term," said Tim Waterer, chief market analyst at KCM Trade.

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