Friday , June 21 2024

Gold prices hit 7-week high

SJC gold price gained 0.07% to VND67.25 million ($2,840.55) per tael Wednesday morning.

Gold ring price went up 0.18% to VND56.6 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices rose on Wednesday after the dollar and bond yields retreated as investors awaited U.S. inflation data that could offer more cues on the Federal Reserve’s rate-hike policy path, Reuters reported.

Spot gold rose 0.4% to $1,940.53 per ounce, its highest since June 20.

U.S. gold futures were up 0.5% at $1,946.00.

Making gold cheaper for holders of other currencies, the dollar index fell 0.2% to its lowest level since May 11. Benchmark 10-year U.S. Treasury yields also slipped to their lowest in nearly a week.

“There has been some renewed confidence in gold prices lately, given the broad expectations for the upcoming U.S. CPI to reflect further moderation in pricing pressures,” said Yeap Jun Rong, market strategist at IG.

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