Gold posts marginal gain

By Dat Nguyen   March 24, 2023 | 12:30 am PT
Gold posts marginal gain
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Thanh Tung
SJC gold price gained 0.07% to VND67.3 million ($2,862.61) per tael Friday afternoon.

Gold ring price went up 0.09% VND55.95 million. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices slipped on Friday as the dollar edged higher, while investors assessed the U.S. central bank’s hints at a potential pause in its rate-hike trajectory, Reuters reported.

Spot gold was down 0.4% at $1,986.40 per ounce after two sessions of sharp gains. U.S. gold futures also fell 0.4% to $1,988.90.

Non-yielding bullion, which becomes more attractive in a low-interest-rate environment, gained 2% after the Federal Reserve signalled it might pause further rate increases after the recent collapse of two U.S. banks, and pointed to just one more rate hike this year.

"However, the Fed also mentioned it would not look to cut interest rates this year," said Brian Lan, managing director at Singapore-based dealer GoldSilver Central.

Lan noted some profit-taking at play, and added, "gold prices would look to consolidate, unless there’s any big news."

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