Gold prices move up

By Dat Nguyen   December 21, 2022 | 10:39 pm PT
SJC gold prices went up 0.15% to VND66.9 million ($2,824.87) Thursday morning.

Gold ring prices rose 0.28% to VND54.25 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Global spot gold rose 0.2% to $1,818.40 per ounce, helped by a softer dollar in holiday-thinned trading, but prices moved in a tight range as market participants awaited economic data for further direction, Reuters reported.

The dollar index was down 0.2%, making gold cheaper for holders of other currencies.

The U.S. gross domestic product data for the third quarter and weekly U.S. jobless claim numbers are due at 8.30 p.m. Traders will also scan the personal consumption expenditure (PCE) data scheduled on Friday, for cues on inflation.

"Gold is holding a range as trading is fairly thin and investors are in wait-and-see mode. The PCE data will be important; if inflation continues to come down, dollar will further weaken and gold will get a steadier tone," said Edward Meir, analyst with ED&F Man Capital Markets.

Bullion is traditionally known as an inflation hedge but rising interest rates dent the metal’s allure as it pays no interest.

The Federal Reserve lowered its pace of rate hikes gradually to 50 bps in December after four straight 75 bps rate hikes. However, Fed Chair Jerome Powell has signalled that the U.S. central bank will deliver more rate hikes next year.

go to top