Gold prices rise

December 9, 2022 | 08:32 pm PT
Gold prices rise
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold prices rose 0.22% to VND67.25 million ($2,852.60) per tael Saturday morning.

Gold ring prices went up 0.18% to VND54.2 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally spot fold rose 0.5% to $1,798.40 per ounce Friday as some investors still expect the Federal Reserve will slow the pace of rate hikes from early next year, Reuters reported.

"The market seems to be focused on a light at the end of the tunnel, a point at which the Fed is done raising interest rates and based on that we’ve seen general support in gold," said David Meger, director of metals trading at High Ridge Future.

A 50-basis-point rate hike is widely expected to be delivered by the Fed at its final meeting of 2022 scheduled on Dec. 13-14.

go to top