Gold prices slip
Vietnam's gold prices fell on Wednesday while global bullion rates were mostly firm.
Gold prices experienced a slight decline in the Vietnamese market. The price of a gold bar dropped by 0.69% to VND143.3 million (US$5,533.89) per tael, while a gold ring saw a similar decrease to VND142.8 million per tael. A tael is equivalent to 37.5 grams or 1.2 ounces. On a global scale, gold prices remained stable on Wednesday as investors awaited the US Consumer Price Index data due later in the day.
This data could provide insights into the Federal Reserve's upcoming monetary policy decisions. At the time of the report, spot gold was trading at $4,165.25 per ounce. U.S. gold futures for December delivery ticked up by 0.3% to $4,188.70. Experts suggest that while this isn't a significant shift, gold is attempting to find a reason to rally.
Ilya Spivak, head of global macro at Tastylive, stated that if the forthcoming economic indicators, such as the Consumer Price Index, Producer Price Index, and Retail Sales data, indicate weaker economic momentum, markets might reduce expectations for additional Fed rate hikes this year. This could create a bullish scenario for gold prices.
Written by urgent.news from VnExpress Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
