Gold prices gain

By Dat Nguyen   December 13, 2022 | 10:27 pm PT
Gold prices gain
A person holds a gold ring at a jewelry shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold prices went up 0.3% to VND67.1 million per tael Wednesday.

Gold ring prices inched up 0.37% to VND54.2 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Global gold prices traded in a narrow range on Wednesday, as investors awaited the U.S. Federal Reserve’s policy decision later in the day after softer-than-expected inflation data fanned expectation of a moderate interest rate hike path, Reuters reported.

Spot gold was little changed at $1,810.99 per ounce after hitting a more than five-month high on Tuesday as a smaller-than-expected rise in U.S. consumer prices buoyed bets for a slowdown in rate hikes.

Softer U.S. inflation data saw the dollar weakening and gold rallying in the last session, but bullion price action will be quiet currently as the market awaits the Fed decision, said Ajay Kedia, director at Kedia Commodities in Mumbai.

"Gold might hit $1,832 if the Fed sounds dovish. But there is strong resistance at the $1,820 level and prices should trade around this range for the rest of the year."

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