Gold prices gain

By Dat Nguyen   January 14, 2023 | 12:21 am PT
Gold prices gain
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price went up 0.3% to VND67.5 million ($2,879.69) per tael Saturday morning.

Gold ring price gained 0.63% to VND55.05 million per tael. A tael equals 37.5 grams or 1.2 ounces.

On Friday global gold prices scaled an over eight-month peak on Friday, holding above the key pivot of $1,900 per ounce, as cooling U.S. inflation raised hopes for slower interest rate hikes from the Federal Reserve, Reuters reported.

Spot gold rose 1.3% to $1,920.70 per ounce.

"That gold prices are rallying after an on-consensus CPI for which the market was well positioned for highlights that there's another source of buying activity in gold markets," said Daniel Ghali, commodity strategist at TD Securities, attributing it to central banks and non-central bank government agencies.


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