Gold ring price inches up
Saigon Jewelry Company gold ring price rose 0.07% to VND75.95 million (US$2,987.21) per tael Wednesday morning.
Gold bar price was stable at VND76.98 million per tael. A tael equals 37.5 grams or 1.2 ounces
Gold price was at $2,367.43 per ounce at the time of publishing.
The growing speculation that the US Federal Reserve (Fed) is likely to start cutting rates as early as September continues to support the non-yielding metal. Furthermore, political uncertainties within Europe and globally might boost Gold price, a traditional safe-haven asset.
On the other hand, the pause of China’s central bank Gold purchases for a second consecutive month might prompt traders to reduce bullish bets in the yellow metal as China is the world’s largest gold consumer.