Saigon Jewelry Company reported a 0.46% rise in the price of gold rings to VND76 million (US$2,985.61) per tael on Thursday morning. Concurrently, the price of gold bars held steady at VND76.98 million per tael. One tael equals 37.5 grams or 1.2 ounces.
According to FXStreet, the global price of gold exhibited a slight upward trend during the Asian trading session on Thursday, although it failed to sustain gains seen the previous day when it reached a nearly two-week high. This modest rise comes amidst robust bullish sentiment in global equity markets, which has somewhat restrained the appeal of the safe-haven precious metal due to lower market liquidity during the U.S. Independence Day holiday.
However, the downside for gold prices appears cushioned as market expectations strengthen regarding an impending rate-cutting cycle by the Federal Reserve later this year. Recent minutes from the Federal Open Market Committee (FOMC) meeting indicated a consensus among policymakers that U.S. economic growth is gradually cooling. This sentiment contributed to a decline in U.S. Treasury bond yields overnight and pushed the U.S. dollar to a three-week low. Such developments are likely to provide continued support for gold, which typically thrives under conditions of reduced yield and dollar weakness.
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