Gold heads up after plunge

Saigon Jewelry Company gold bar price rose 0.75% to VND81.1 million ($3,283.73) per tael Thursday.

Gold bar plunged 2.42% Wednesday after reaching a new historic peak of VND82.5 million.

The gold ring price increased VND0.88% to VND69 million per tael on Thursday. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices traded flat in early Asian trade hours on Thursday, within close range of record-high levels on a broadly weaker dollar, as traders awaited more economic data that could steer hopes for a mid-year rate cut by the U.S. Federal Reserve.

Spot gold was flat at $2,173.89 per ounce. U.S. gold futures dipped 0.1% to $2,178.20.

The Fed is expected to hold rates steady at its policy meeting next week, but the focus will be on the ‘dot plot’ projections. The U.S. central bank in its December meeting pencilled three-quarter-point rate cuts for 2024.