Gold prices rise

By Dat Nguyen   January 11, 2023 | 03:53 am 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 gained 0.15% to VND67 million ($2,857.27) per tael Wednesday afternoon.

Gold ring prices went up 0.09% to VND54.55 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Gold prices scaled an eight-month peak on Wednesday, underpinned by a subdued dollar, although they traded in a tight range as traders positioned themselves for inflation data that could influence the U.S. Federal Reserve’s rate-hike stance, Reuters reported.

Spot gold was up 0.3% at $1,883.48 per ounce, highest since early May.

The dollar index slipped 0.1%, making greenback-priced bullion cheaper for overseas buyers. Benchmark U.S. 10-year Treasury yields also edged lower.

Overall, it looks like gold is currently consolidating into a range as the focus turns to the U.S. consumer price index (CPI) data on Thursday, said Ilya Spivak, head of global macro at Tastytlive.

"If the data shows that inflation is softer, then gold might go north of the $1,900 level. However, it would be interesting to see if gold can get much traction beyond that."


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