Friday , March 1 2024

Gold prices tick up

SJC gold price gained 0.07% to VND67.15 million ($2,861.53) per tael Thursday morning.

Gold ring price remained stable at VND57.45 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices went up, aided by a weaker dollar and economic worries, while investors seek further clarity on the U.S. Federal Reserve’s monetary policy path, Reuters reported.

Spot gold rose 0.2% to $2,032.58 per ounce. U.S. gold futures were also up 0.2% at $2,041.80.

The dollar index slipped 0.1%, making the dollar-priced bullion more affordable for overseas buyers.

“Whilst gold remains supported overall, it doesn’t look overly happy at these highs and investors seem quick to book profits with any break above $2,050 for now,” said Matt Simpson, senior market analyst at City Index.

Bullion prices initially rose on Wednesday after U.S. inflation data was released, before turning negative on profit taking.

The annual increase in U.S. consumer prices slowed to below 5% in April for the first time in two years, potentially providing cover for the U.S central bank to pause a interest rate hike next month.

Markets are currently pricing in a 95% chance of the Fed holding rates at their current level in June.

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