Gold prices inch up

Gold ring prices fell 0.09% to VND53.95 million. A tael equals 37.5 grams or 1.2 ounces.

Global spot gold increased by 0.3% at $1,791.91 per ounce as the dollar dipped, although lingering worries about further interest rate hikes from the U.S. Federal Reserve kept the non-yielding bullion’s gains in check, Reuters reported.

European Central Bank Vice-President Luis de Guindos signalled the bank was determined to keep raising interest rates.

Investors also took stock of news that in top bullion consumer China, Covid-19 is sweeping through trading floors in Beijing and spreading fast in the financial hub of Shanghai. The country reported five new Covid deaths for December 19.

"If China brings back restrictions and if that were to happen over the holiday period, it is the perfect catalyst for large moves (in gold) to the downside," Simpson added.