Category: Gold News

Gold prices cool down from record-high levels

By Published On: March 14, 20241 min readViews: 1870 Comments on Gold prices cool down from record-high levels
By Minh Hieu  &nbspMarch 12, 2024 | 08:52 pm PT

A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran


Saigon Jewelry Company gold bar price slid 1.8% to VND81 million (US$3,284.34) per tael Wednesday morning from the peak established in the previous day.

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Gold ring price also decreased by 1.5% to VND69.2 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices steadied on Wednesday, after posting its biggest decline in a month in the previous session after a sticky U.S. inflation report boosted bond yields and slightly tempered hopes for a June interest rate cut from the Federal Reserve, Reuters reported.

Spot gold edged 0.1% up to $2,158.26 per ounce while U.S. gold futures fell 0.1% to $2,163.50.

U.S. consumer prices increased solidly in February amid higher costs for gasoline and shelter, suggesting some stickiness in inflation.

Market expectations for the timing of the Fed’s first rate cut were slightly tempered, pricing in a 68% chance of a cut of at least 25 basis points in June, according to LSEG’s interest rate probability app, down from 72% on Tuesday before the data.

Lower rates will boost the appeal of non-yielding bullion.




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