Sunday , April 14 2024

Gold ticks up

SJC gold price gained 0.07% to VND67.05 million ($2,860.13) per tael Thursday morning.

Gold ring price rose 0.27% to VND56.75 million. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices inched higher for a third consecutive session on Thursday, as cooler-than-expected U.S. inflation data spurred bets that the Federal Reserve might raise rates once more next month before pausing hikes, Reuters reported.

Spot gold was up 0.1% at $2,016.99 per ounce, as of 0332 GMT. U.S. gold futures rose 0.3% to $2,030.70.

Gold prices rose more than 1% on Wednesday after data showed the U.S. Consumer Price Index (CPI) rose 0.1% last month, compared with expectations for a 0.2% increase, after advancing 0.4% in February.

“Expectations that the Fed’s hiking cycle may be nearing its end are well-anchored by the recent U.S. CPI data, with lower Treasury yields and a weaker dollar being supportive of gold prices,” said Yeap Jun Rong, a market analyst at IG.

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