Gold prices bounce back

By Dat Nguyen   February 1, 2023 | 08:54 pm PT
Gold prices bounce back
A person holds gold bars at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price rose 0.45% to VND67.7 million ($2,886.99) per tael Thursday morning after dipping Wednesday.

Gold ring price dropped 0.18% to VND55.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Gold prices extended gains on Thursday to touch their highest in more than nine months after the Federal Reserve raised interest rates by an expected 25 basis points and Chair Jerome Powell’s comments were read as dovish by the market, Reuters reported.

Spot gold was up 0.1% at $1,951.79 per ounce.

The Fed delivered a quarter-percentage-point rate increase on Wednesday after a year of larger hikes. However, Powell warned of further monetary policy tightening while noting the progress on disinflation, which he said was in its early stages.

"Although Powell said rate hikes might continue, the market expects the Fed not to be drastic anymore, which is supporting gold. However, we will soon see some profit-booking and bullion continues to face resistance at the $1,960 level," said Brian Lan, managing director at Singapore-based dealer GoldSilver Central.

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