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.
Additional Insight:
Market Speculation:
Market speculations around U.S. economic data and the potential impact on Federal Reserve decisions are influencing gold prices globally. Investors closely monitor key indicators to position themselves based on the expected outcomes of economic reports.
Historical Highs:
The recent all-time high of $2,483.60 in bullion prices underscores the market sentiment towards rate cuts and their effect on gold as an investment. Such historical milestones can trigger further speculations and trading activities within the precious metals market.
Technical Analysis:
Technical analysis from experts, like Wang Tao from Reuters, suggests potential price movements based on chart patterns and historical data. Traders often use these analyses to inform their trading strategies and decisions in the volatile gold market.
