Wednesday , April 24 2024

Gold prices edge lower

SJC gold price fell 0.07% to VND67 million ($2,857.33) per tael Tuesday morning.

Gold ring price dropped 0.08% to VND56.4 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices rose on Tuesday after falling over 1% in the previous session, as the dollar eased while investors awaited this week’s U.S. inflation data that could influence the Federal Reserve’s monetary policy trajectory, Reuters reported.

Spot gold was up 0.4% at $1,997.69 per ounce. U.S. gold futures rose 0.4% to $2,012.30.

The dollar index was 0.1% lower, making bullion cheaper for overseas buyers.

Traders are now focussing on the U.S. consumer price data due Wednesday for more clarity on the path of rates heading into the Fed’s May policy meeting.

“A hotter-than-expected print may suggest that the Fed could still hike rates once more in May… gold’s rally higher has been somewhat excessive… chances of another Fed hike could kind of bring the overshoot down,” said OCBC FX strategist Christopher Wong.

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