Gold prices surge to nine-day high

Gold ring price went up 0.98% to VND61.55 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold price continues its strong rebound from a near three-week low, around $1,973, according to financial news platform FXStreet. This marks the second consecutive day of positive movement on Thursday.

This uptick follows the Federal Reserve’s (Fed) announcement on Wednesday, indicating an end to its interest rate hikes.

The Fed’s “dot plot” suggests three rate reductions of 25 basis points each in 2024. Additionally, the Fed forecasts inflation moving towards its 2% goal without triggering a recession.

This dovish turn led to a sharp drop in U.S. Treasury bond yields and put significant pressure on the U.S. dollar, consequently boosting the non-yielding gold.