Gold prices rise

By Dat Nguyen   February 22, 2023 | 12:08 am PT
Gold prices rise
A person holds gold at a shop in Hanoi. Photo by VnExpress/Ngoc Thanh
SJC gold price gained 0.15% to VND67.1 million ($2,825.86) per tael Wednesday afternoon.

Gold ring price remained unchanged at VND54.4 million. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices rose marginally on Wednesday, as investors awaited minutes of the U.S. Federal Reserve’s latest policy meeting to assess prospects of further interest rate hikes, Reuters reported.

Spot gold was up 0.1% at $1,835.40 per ounce.

Bullion is seen as a hedge against inflation, but rising interest rates dull the non-yielding asset’s appeal.

"Gold is leaning on the ropes, but it’s not doing too bad considering how high U.S. yields have moved – following a slew of strong economic data, which points to a higher terminal Fed rate," said Matt Simpson, a senior market analyst at City Index.

"There’s a greater chance of gold testing $1,800 before it tests $1,900 over the foreseeable future," given the prospects of markets repricing a higher terminal Fed rate, Simpson added.

Data on Tuesday showed U.S. business activity unexpectedly rebounded in February to its highest level in eight months - the latest in a stream of data that have shown signs of a resilient U.S. economy and a tight labour market.

go to top