Gold prices gain
Vietnam's gold prices rose on Wednesday morning as global bullion rates headed for a 6% monthly drop.
Gold prices rose slightly on Wednesday. Saigon Gold Jewelry Company reported a 0.7% increase in gold bar prices to VND143.5 million (US$5,525.61) per tael. Gold ring prices also climbed 0.7% to VND143 million per tael. A tael is equivalent to 37.5 grams or 1.2 ounces. However, globally, gold prices were expected to lose ground due to higher interest rate expectations.
Spot gold remained stable at $4,180.30 per ounce, but was down 6% this month. U.S. gold futures climbed 0.8% to $4,212.70. The dollar showed signs of a monthly gain, making metals priced in greenbacks pricier for holders of other currencies. Tony Sage, CEO of Critical Metals, noted that the Personal Consumption Expenditures (PCE) data release would be crucial for gold.
A softer PCE reading could support gold prices, potentially leading them back to the $4,200-4,300 range. Conversely, a hotter number might push yields and the dollar higher, putting additional pressure on gold and testing the $4,100 level.
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