Gold prices gain

By Dat Nguyen   March 28, 2023 | 09:01 pm PT
Gold prices gain
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price rose 0.07% to VND67.2 million ($2,861.40) per tael Wednesday morning.

Gold ring went up 0.18% to VND55.9 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices edged down on Wednesday as the U.S. dollar steadied, while fears abated about a bigger fallout from the global banking sector crisis after efforts by regulators to shore up investor confidence, Reuters reported.

Spot gold was trading 0.2% lower at $1,970.79 per ounce after rising 1% on Tuesday.

The dollar index was 0.1% higher, making bullion more expensive for buyers holding other currencies.

The recent failures of mid-size U.S. lenders show the need for more robust risk management at banks and fintechs, along with improved regulation, the head of the top consumer financial watchdog agency said on Tuesday.

As stress in the banking sector appears to subside, markets are now pricing in a 48% chance of the U.S. Federal Reserve raising interest rates by 25 basis points in May, according to the CME FedWatch tool.

Bullion is seen as a hedge against inflation, but the opportunity cost of holding non-yielding gold rises when interest rates are increased to bring down inflation.

go to top