Gold prices gain

By Dat Nguyen   February 14, 2023 | 01:02 am PT
Gold prices gain
A staff holds gold at a shop in Hanoi. Photo by VnExpress/Ngoc Thanh
SJC gold price rose 0.22% to VND67.4 million ($2,854.72) per tael Tuesday afternoon.

Gold ring price dropped 0.18% to VND54.65 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices went up on Tuesday as the dollar retreated, with investors bracing for U.S. inflation data that could determine the Federal Reserve’s next monetary policy moves, Reuters reported.

Spot gold was up 0.5% at $1,861.93 per ounce after falling to its lowest since early-January in the previous session.

Gold is highly sensitive to rising interest rates, which lift the opportunity cost of holding the non-yielding asset.

"If the disinflation trend in the U.S. shows signs of slowing (even if it’s temporary), then caution over a hawkish Fed could undermine risk sentiment and gold, while USD may find further support," said OCBC FX strategist Christopher Wong.

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