A person holds a gold coin at a shop in Hanoi. Photo by VnExpress/Ngoc Thanh
Saigon Jewelry Company gold price gained 0.46% to VND87 million (US$3,428.41) per tael Thursday morning, highest since Dec. 12.
Gold ring also went up 0.46% to VND86.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally gold prices were steady on Thursday after hitting over one-month highs, as softer U.S. core inflation data lifted expectations that more rate cuts were still on the table, although news of a ceasefire accord between Israel and Hamas capped further gains, Reuters reported.
Spot gold held its ground at $2,693.93 per ounce, after hitting its highest since Dec. 12 earlier in the session. U.S. gold futures gained 0.2% to $2,723.70.
“Easing underlying inflation in the U.S. renewed hopes of a less-restrictive Fed policy this year. The core inflation unexpectedly slowed, while headline consumer prices showed no significant upside surprises,” said Jigar Trivedi, senior analyst at Reliance Securities.
“That supported bullion demand as progress in disinflation could prompt the FOMC to ease monetary policy, reducing the opportunity cost of holding non-yielding assets.”
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