Saturday , May 25 2024

Gold prices reach new historic record


SJC gold price surged to a new peak Monday, up 0.67% to VND75.4 million ($3,098.74) per tael.

Gold ring price was stable at VND62.05 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold price consolidates its gains around $2,040 during the early Asian trading hours on Wednesday, according to financial data platform FXStreet.

The price of gold, which is currently below the $2,050 mark, may see an increase in value due to the weakened US Dollar and lower yields on U.S. Treasury bonds ahead of the holiday season.

Austan Goolsbee, the President of the Federal Reserve Bank of Chicago, stated on Monday that the central bank is not currently planning to reduce interest rates.

He pointed out that the growing market expectations for rate cuts are not in line with the typical functioning of the Federal Reserve.

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