Gold falls after 2 weeks unchanged
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The Vietnam gold bar price dropped 0.62% to VND80.5 million ($3,251.87) per tael Thursday afternoon, while bullion stayed mostly flat globally.
Price has remained unchanged at VND81 million since Aug. 20.
Gold ring price went up 0.06% to VND78.55 million per tael.
Globally old was little changed on Thursday as investors kept to the sidelines ahead of U.S. payrolls data that could provide more clues on the size of an expected rate cut this month.
Spot gold steadied at $2,494.73 per ounce. U.S. gold futures lost 0.1% to $2,524.90.
Non-yielding bullion tends to perform well when interest rates are low. It is also considered a hedge against economic and political uncertainties.
“The highs for gold in 2024 may not yet have been reached, with the $2,600 level a viable target before year-end, if the Fed delivers the goods with a succession of quick-fire rate cuts before year-end,” said Tim Waterer, chief market analyst, KCM Trade.
Questions & Answers
Q.How much did the gold bar price change in Vietnam on Thursday?
How much did the gold bar price change in Vietnam on Thursday?
The Vietnam gold bar price dropped 0.62% on Thursday afternoon. It fell to VND80.5 million per tael, having been unchanged at VND81 million since August 20th. This movement contrasts with the mostly flat global bullion prices.
Q.What was the global spot gold price on Thursday?
What was the global spot gold price on Thursday?
Globally, spot gold steadied at $2,494.73 per ounce on Thursday. US gold futures, however, saw a slight loss of 0.1%, trading at $2,524.90. Investors were largely on the sidelines, awaiting US payrolls data.
Q.What is the expert's prediction for gold prices by the end of 2024?
What is the expert's prediction for gold prices by the end of 2024?
Tim Waterer, chief market analyst at KCM Trade, believes gold could reach $2,600 before year-end. This depends on the Federal Reserve delivering a series of rapid interest rate cuts, which would typically boost non-yielding bullion's appeal.
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