Gold prices rise

By Dat Nguyen   February 17, 2023 | 09:04 pm PT
Gold prices rise
Customers shop for golf jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price rose 0.07% to VND67.1 million ($2,816.97) per tael Saturday morning.

Gold ring price surged 0.55% to VND54.45 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices edged higher on Friday but were still on track for their third straight weekly dip, weighed down by an overall stronger dollar and bond yields following fresh hawkish rhetoric from U.S. Federal Reserve officials, Reuters reported.

Spot gold was up 0.3% at $1,842.27 per ounce by 2:40 p.m. after earlier falling to its lowest since late December.

The dollar’s advance, paired with the hawkish outlook from members of the Fed, was weighing on the market, said Phillip Streible, chief market strategist at Blue Line Futures in Chicago.

Fed officials this week said the U.S. central bank likely should have lifted interest rates more than it did early this month, with Fed Governor Michelle Bowman reiterating the 2% inflation goal.

go to top