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At 9:00 on April 24, domestic gold prices continued to ease compared with the opening session. Bullion prices at SJC, DOJI, Bao Tin Minh Chau, Bao Tin Manh Hai and Phu Quy fell 500,000 dong per tael on both the buying and selling sides to 166.2-168.7 million dong per tael, from 166.7-169.2 million dong per tael at the opening. Mi Hong declined 200,000 dong per tael on both sides to 167.5-169.0 million dong per tael.
In the jewelry segment, SJC dropped 500,000 dong per tael on each side to 166-168.5 million dong per tael. Bao Tin Minh Chau, DOJI and Phu Quy also fell 500,000 dong per tael on both sides to 165.7-168.7 million dong per tael. Bao Tin Manh Hai traded at 165.7-168.4 million dong per tael for both buy and sell.
World gold prices narrowed their declines as expectations grew for an extension to the ceasefire between Lebanon and Israel. At the same time, U.S. Treasury yields fell back from intraday highs after jobless claims data were released.
Spot gold traded around 4,700 USD per ounce after briefly dipping as much as 1% to 4,683.84 USD/ounce.
“Support for prices comes from positive signals regarding progress toward a ceasefire agreement in Lebanon this morning, but this coincides with the release of economic data,” said Daniel Ghali, commodity strategist at TD Securities.
U.S. 10-year Treasury yields have largely retraced earlier gains, lowering the opportunity cost of holding gold, an asset that does not pay interest.
Iran-related tensions continued to push oil prices higher. Brent was above 100 USD per barrel on Thursday as U.S.-Iran talks stalled and sanctions through the Hormuz Strait persisted.
Higher energy prices typically increase inflation pressure. While gold is often viewed as an inflation hedge, expectations for higher interest rates can reduce the appeal of non-yielding assets. Gold has fallen more than 11% since the outbreak of the U.S.-Israel conflict with Iran on February 28.
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