Gold prices increase

By Dat Nguyen   February 6, 2023 | 09:13 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 price rose 0.15% to VND67.3 million ($2,859.27) per tael Tuesday morning.

Gold ring price went up 0.18% to VND54.9 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices gained on Tuesday as the dollar pulled back slightly, with traders awaiting U.S. Federal Reserve Chair Jerome Powell’s speech later in the day for hints about future rate hikes after last week’s strong economic data, Reuters reported.

Spot gold was 0.4% higher at $1,873.96 per ounce, as of 0316 GMT, after hitting its lowest since Jan. 6 in the previous session.

"Despite another round of upmove in the dollar and yields, the downside in gold prices is more limited, which points to some attempts to stabilise after recent sell-off," said Yeap Jun Rong, a market analyst at IG.

The dollar index was down 0.2% after touching its highest level in nearly a month on Monday. A weaker greenback makes dollar-priced gold more attractive for buyers holding other currencies.

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