Gold prices gain

By Dat Nguyen   December 18, 2022 | 11:11 pm PT
Gold prices gain
A person holds a tael of gold at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold prices dropped 0.14% to VND66.93 ($2,830.02) per tael Monday.

Gold ring prices gained 0.37% to VND53.9 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Global prices were steady on Monday as prospects of further interest rate hikes by the U.S. Federal Reserve next year countered support from a tepid dollar, Reuters reported.

Spot gold held its ground at $1,792.19 per ounce.

Gold prices are attempting to recoup losses, despite the hawkish takeaway from the Fed as upside reaction in the dollar and yields still seem more measured, said IG Market strategist Yeap Jun Rong.

Gold registered its biggest weekly decline since mid-November on Friday after Fed Chair Jerome Powell said the U.S. central bank would deliver more hikes next year, despite growing recession worries.

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