Gold prices inch up

By Dat Nguyen   April 7, 2023 | 07:27 pm PT
Gold prices inch up
A person touches a gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price rose 0.07% to VND67.1 million ($2,861.77) per tael Saturday morning.

Gold ring price remained stable at VND56.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally spot gold was down 0.6% to $2,009.07 per ounce by Friday, while U.S. gold futures for June delivery settled 0.5% lower at $2,026.40, Reuters reported.

Safe-haven bullion has risen more than 2% so far this week, surpassing the key $2,000 level.

Also supporting prices this week, the dollar index hovered around two-month lows, while benchmark Treasury yields hit a seven-month trough.

Gold is seen as an inflation hedge but lower rates decrease the opportunity cost of holding zero-yield bullion.

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