Gold prices inch up

By Dat Nguyen   March 2, 2023 | 07:53 pm PT
Gold prices inch up
A person holds a gold coin at a shop in Hanoi. Photo by VnExpress/Ngoc Thanh
SJC gold gained 0.07% to VND66.9 million ($2,819.45) per tael Friday morning.

Gold ring price rose 0.09% to VND54.1 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices rose on Friday, on track for their first weekly gain in five, as the dollar eased, even though fears persisted that the U.S. Federal Reserve would keep raising interest rates to curb inflationary pressures, Reuters reported.

Spot gold was up 0.3% at $1,840.89 per ounce.

The dollar index eased 0.1%, making bullion more affordable for buyers holding other currencies.

The number of Americans filing new claims for unemployment benefits fell again last week, pointing to sustained labour market strength and adding to fears that the Fed would keep hiking interest rates for longer.

Another report from the U.S. Labor Department on Thursday showed labor costs grew much faster than previously estimated in the fourth quarter.

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