Gold nears 2-month high

By Dat Nguyen   January 18, 2023 | 01:07 am PT
Gold nears 2-month high
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price climbed 0.15% to VND67.6 million per tael Wednesday afternoon, highest since November 26.

Gold ring price went up 0.18% to VND55.55 million. A tael equals 37.5 grams or 1.2 ounces.

Global gold prices, however, inched lower on Wednesday as the U.S. dollar firmed, while expectations of a slowdown in the pace of the U.S. Fed’s interest rate hikes limited losses, Reuters reported.

Spot gold dipped 0.3% to $1,902.59 per ounce.

The dollar index gained 0.3% as the yen sank after the Bank of Japan kept its yield curve controls in place.

"Gold is pressured as the dollar is seeing a recovery," said Hareesh V, head of commodity research at Geojit Financial Services.

"Recession worries and the Federal Reserve’s policy decision would be the major catalysts for prices in the near future."

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