Friday , May 24 2024

Gold edges higher

SJC gold price rose 0.07% to VND67.05 million ($2,855.75) per tael Tuesday afternoon.

Gold ring price gained 0.09% to VND56.85 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices ticked higher on Tuesday helped by a softer dollar and a retreat in Treasury yields, while cautious investors awaited further U.S. economic data due this week to gauge the Federal Reserve’s next policy move, Reuters reported.

Spot gold rose 0.3% to $1,995.09 per ounce while U.S. gold futures edged up 0.2% to $2,004.10.

The dollar index softened, making bullion cheaper for holders of other currencies.

Gold is getting a boost from a weaker dollar, and focus will remain on the next set of U.S. economic data and the Fed meeting to understand its stand on rate hikes for the rest of the year, said Ajay Kedia, director at Kedia Commodities in Mumbai.

Until then, prices may consolidate in the $1,970 to $2,020 range, Kedia added.

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