Gold jewelry on display at a shop in Hanoi. Photo by VnExpress/Giang Huy
Saigon Jewelry Company gold ring price fell 0.24% Wednesday morning to VND83.1 million (US$3,346.4) per tael while global gold prices were steady.
Gold bar price held firm at VND85 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices were subdued on Wednesday as investors strapped in for minutes from the Federal Reserve’s latest policy meeting for insights into the U.S. central bank’s interest rate trajectory, Reuters reported.
Spot gold held its ground at $2,619.75 per ounce, after hitting a two-week low in the previous session. Prices scaled a record high of $2,685.42 on Sept. 26. U.S. gold futures edged 0.1% higher to $2,638.20.
Minutes from the Fed’s September policy meeting are due later in the day. Traders are also keeping a keen eye on the U.S. Consumer Price Index (CPI) report on Thursday and the Producer Price Index (PPI) data on Friday.
Boston Fed President Susan Collins said on Tuesday that weakening inflation trends make it likely the U.S. central bank can implement further interest rate cuts.
Zero-yield bullion tends to thrive in a low interest rate environment.
