Gold prices rise

By Do Huong November 25, 2022 | 02:16 am PT

Marked ingots of 99.99% pure gold are placed in a cart at the Krastsvetmet non-ferrous metals plant in the Siberian city of Krasnoyarsk, Russia March 10, 2022. Photo by Reuters

Prices of gold bars branded SJC on Friday surged VND100,000 ($4.03) from the previous day to VND67.7 million per tael.

Selling prices of gold rings remain unchanged, reaching VND54.1 million per tael.

SJC gold prices are higher than the world average by some VND15.5 million per tael.

Globally, gold prices steadied on Friday, en route to a weekly gain, buoyed by the dollar’s retreat on a perceived dovish tilt in the U.S. Federal Reserve’s interest rate hike strategy, according to Reuters.

Gold could bounce to $1,790-$1820 by December-end, led by safe-haven demand and the dollar’s weakness amid a dovish Fed, said Jigar Trivedi, analyst with Mumbai-based Reliance Securities.

A majority of traders expect a 50 bps rate increase at the Fed’s December meeting.

But the December meeting will be a "black box" event given the variation in projections before and after recent cooler-than expected U.S. inflation data, leaving gold sensitive to upcoming data as buyers look "for greater conviction that current rate hike expectations are well-anchored," IG market strategist Yeap Jun Rong said.