Gold prices rise as global rates hit 2-week high

Saigon Jewelry Company gold price rose 1.01% to VND79.8 million ($3,166.35) per tael Thursday morning.

Gold ring price went up 0.45% to VND77.65 million.

Globally gold prices climbed to a two-week high on Thursday as U.S. Federal Reserve Chair Jerome Powell opened the door to cutting interest rates as early as September.

Spot gold was steady at $2,448.38 per ounce, after hitting its highest level since July 18 earlier in the session. Prices were just about $35 shy of the record high of $2483.60 scaled on July 17.

U.S. gold futures firmed 0.8% to $2,492.50.

“Gold bulls couldn’t resist the urge to buy more gold after the Fed effectively signalled the beginning of its rate-cut cycle. But gold bugs may want to warrant some caution above $2,500, given gold’s reluctance to hold on to gains around these levels,” City Index senior analyst Matt Simpson said.