Gold prices increase

By Dat Nguyen   January 16, 2023 | 08:27 pm PT
Gold prices increase
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold prices gained 0.15% to VND67.3 million ($2,871.46) per tael Tuesday morning.

Gold ring prices went up 0.18% to VND55.45 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Global gold prices inched lower on Tuesday, weighed by an uptick in the dollar, although hopes of slower interest rate hikes by the Federal Reserve capped further losses, Reuters reported.

Spot gold was down 0.4% at $1,910.48 per ounce. The dollar gained 0.3%. A stronger dollar turns gold less attractive to buyers with other currencies.

"Expectations of the Fed slowing pace of rate hikes has been supporting gold. Currently, we are seeing a technical pull back as prices entered the overbought territory. Also, the dollar is firming slightly," said Ajay Kedia, director at Kedia Commodities, Mumbai.

"We expect silver to outperform gold in 2023 as there is good industrial and investment demand amid low inventories."

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