Monday , July 15 2024

Gold price inches up

SJC gold price rose 0.15% to VND67.2 million ($2,833.05) per tael Tuesday morning.

Gold ring price fell 0.09% to VND54.5 million per tael.

Globally gold traded in a tight range on Tuesday as investors refrained from taking big positions ahead of U.S. economic data that could influence the Federal Reserve’s rate-hike strategy, Reuters reported.

Spot gold was up 0.1% at $1,842.37 per ounce, trading in a $4 range.

High interest rates discourage investors from placing money in non-yielding assets such as gold.

“Decline in gold prices has somewhat stabilised as markets take stock on whether the hawkish repricing of the Fed may have gone a little too fast,” said OCBC FX strategist Christopher Wong.

Gold prices hit their highest since April 2022 early this month, but have since lost about $120 after a slew of economic data showed signs of a resilient U.S. economy and a tight labor market, fueling concerns that interest rates would stay higher for longer.

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