Gold prices rise marginally
Vietnam gold prices rose slightly Tuesday morning as the precious metal continued its climb on global markets.
Gold prices in Vietnam registered a marginal increase of 0.42% to VND144.8 million per tael, according to the Saigon Jewelry Company. Similarly, a gold ring saw a 0.21% rise to VND145.6 million per tael. Over the past month, gold prices have declined by 5%. Globally, gold experienced a third consecutive day of gains on Tuesday, as concerns about an impending U.S. interest rate hike eased.
Investors are now eagerly awaiting minutes from the Federal Reserve's latest meeting for insights into the central bank's monetary policy trajectory. Spot gold prices surged 0.2% to $4,424.28 per ounce, while U.S. gold futures for December delivery jumped 0.2% to $4,480.90. The U.S. dollar remained near multi-month lows against other major currencies.
This weakening of the U.S. currency makes dollar-priced metals more affordable for those holding different currencies. Market analysts suggest that gold's recent gains can be attributed to last week's disappointing U.S. economic data, which has fueled speculation that the Federal Reserve may maintain rates at their current levels throughout the year.
Bullion typically thrives in a low-interest-rate environment, as it diminishes the opportunity cost of holding non-yielding assets.
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