Gold prices rise

Gold ring price went up 0.54% to VND55.35 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Global spot gold held at $1,918.60 per ounce, near nine-month highs, aided by expectations of slower interest rate hikes from the U.S. Federal Reserve, Reuters reported.

Market participants are mostly expecting a 25 basis points rate hike increase at the Fed’s next policy meeting.

Lower rates tend to be beneficial for gold as they decrease the opportunity cost of holding the non-yielding bullion.

Premiums for physical gold rose sharply in China last week, buoyed by optimism around the country’s reopening before Lunar New Year festivities, while Indian traders offered steeper discounts as record-high local prices dented consumer sentiment.