Gold prices rise

By Dat Nguyen   January 27, 2023 | 10:21 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 price went up 0.15% to VND68.6 million ($2,923.19) per tael Saturday morning.

Gold ring price rose 0.36% to VND56.4 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Global gold prices steadied on Friday at $1,931.61 per ounce with gains capped by a stronger dollar, but the metal was still set for a sixth straight weekly rise ahead of the U.S. Federal Reserve's rate decision next week, Reuters reported.

"[The Fed] needs to be convinced and their favourite indicators are showing inflation is cooling, but I think there still needs to be a bit more work done," said Edward Moya, senior market analyst at OANDA.

The market was still good for gold as a recession would be bullish, and bullion could still thrive in a smaller-rate-hike environment, Moya added.

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