Gold prices inch up

Gold ring price was steady at VND54.75 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold went up slightly higher on Friday while markets awaited next week’s U.S. inflation data that could influence the Federal Reserve’s monetary policy trajectory, Reuters reported.

Spot gold was up 0.2% to $1,864.10 per ounce.

Investors await U.S. consumer price data due on Feb. 14. While concerns abound of a global recession, a strong rally in world markets suggests optimism is returning, which could ease the Fed’s rate hike cycle.

The consumer price index edged up 0.1% in December rather than dipping 0.1% as reported last month, the Labour Department’s annual revisions of CPI data showed, while data next Tuesday is likely to show the CPI climbing 0.4% month-on-month, according to a Reuters survey of economists.

"We will have to see significant and sustained progress on the inflation front before authorities on the monetary side of things will feel comfortable to allow rates to pivot lower," said Bart Melek, head of commodity markets strategy at TD Securities.