Gold prices rise

By Dat Nguyen   January 12, 2023 | 09:14 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 0.3% to VND67.2 million ($2,866.52) per tael Friday morning.

Gold ring price went down 0.36% to VND54.7 million. A tael equals 37.5 grams or 1.2 ounces.

Gold prices ticked 0.1% higher at $1,898.57 per ounce, on track for a fourth consecutive weekly gain, supported by a weaker dollar and expectations of slower interest rate hikes by the U.S. Federal Reserve, Reuters reported.

The dollar index was on track for worst week since November 11, 2022. A weaker greenback makes bullion more attractive to overseas buyers.

Data on Thursday showed that U.S consumer prices fell for the first time in more than 2-1/2 years in December, offering hope that inflation was now on a sustained downward trend.

"Typically gold goes up when inflation is rising. But we see gold continuing to rise despite cooling inflation because the market is looking at a lower dollar and smaller interest rate hikes," said Edward Meir, metals analyst, Marex.


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