Gold prices climb on God of Wealth Day

By Dat Nguyen   January 30, 2023 | 07:50 pm PT
Gold prices climb on God of Wealth Day
Customers shop for gold and jewelry in Ho Chi Minh City on January 31, 2023. Photo by VnExpress/Thanh Tung
SJC gold price rose 0.59% to VND67.8 million ($2,891.26) per tael Tuesday, the God of Wealth Day when demand for the metal often rises.

But gold ring price fell 0.71% to VND55.7 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Buying gold on the God of Wealth Day (the 10th day of the lunar year or January 31 this year), is believed to bring good fortune to their business and family through the year.

Global gold prices were flat on Tuesday, as market participants held back from making large bets ahead of the U.S. Federal Reserve policy decision, Reuters reported.

Spot gold held its ground at $1,922.26 per ounce.

Traders mostly expect the U.S. central bank to scale back rate hikes to 25 basis points (bps) at its two-day policy meeting that ends on Wednesday.

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