Gold Ring Price Edges Higher
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold ring price rose 0.07% to VND77.2 million (US$3,042.66) per tael Wednesday morning.
Gold bar price was unchanged at VND79.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices inched higher on Wednesday, with investors awaiting U.S. economic data that could influence the Federal Reserve’s rate-cut timeline, Reuters reported.
Spot gold was up 0.3% at $2,416.62 per ounce. U.S. gold futures gained 0.4% to $2,417.10.
Investors expect key U.S. data releases this week, including the second-quarter gross domestic product (GDP) reading on Thursday and the June personal consumption expenditures (PCE) price index number on Friday, to offer more cues about the rate-cut timeline.
“If either the GDP or core PCE figures produce an upside beat, this could provide a stumbling block for gold in the short term on dollar strength,” said Tim Waterer, KCM Trade’s chief market analyst.
Bullion prices scaled an all-time high of $2,483.60 last week amid rising bets of rate cuts. Lower interest rates reduce the opportunity cost of holding non-yielding gold.
Spot gold may break resistance at $2,417 and bounce further to $2,432, according to Reuters technical analyst Wang Tao.
Insight:
The global gold market is closely tied to economic data releases, especially in the United States. Investors closely monitor indicators such as GDP and PCE to gauge the Federal Reserve’s potential actions regarding interest rates, impacting gold prices.
