Gold prices rise

By Dat Nguyen   January 6, 2023 | 09:49 pm PT
Gold prices rise
A person holds gold bars at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price gained 0.22% to VND67.25 million ($2,865.36) per tael Saturday morning.

Gold ring price went up 0.55% to VND54.55 million per tael. A tael equals 37.5 grams or 1.2 ounces.

On Friday, global sport gold shot up over 1% to seven-month highs as Treasury yields and the dollar fell after U.S. economic data cemented expectations of a less-hawkish Fed, setting the metal on track for its third consecutive weekly rise, Reuters reported.

Spot gold jumped 1.9% to $1,867.18 per ounce.

"We did see kind of a Goldilocks number for the jobs report this morning... that is we saw a headline jobs number slightly higher than expectations, but we did see a slowdown in wage growth," said David Meger, director of metals trading at High Ridge Futures.

"I don't really think we saw a lot of information here to change the direction of the Fed, and clearly the market is more focused today on the idea that we are getting closer to the end of those fed rate hikes."

Higher interest rates dim bullion's appeal as an inflation hedge and raise the opportunity cost of holding the non-yielding asset.

go to top