Gold prices rise

By Dat Nguyen   February 28, 2023 | 07:50 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 gained 0.15% to VND66.9 million ($2,818.62) per tael Wednesday.

Gold ring price went up 0.28% to VND54.1 million. A tael equals 37.5 grams or 1.2 ounces.

Gold prices edged lower on Wednesday while investors braced for more U.S. interest rate hikes amid stubbornly high inflation, Reuters reported.

Spot gold was down 0.2% at $1,824.06 per ounce as the dollar index rose 0.1%, making bullion more expensive for buyers holding other currencies.

U.S. consumer confidence unexpectedly fell in February, with the decrease concentrated among lower-middle-income households, though Americans grew more upbeat about the labor market, a survey showed on Tuesday.

High interest rates dampen gold’s appeal as an inflation hedge while raising the opportunity cost of holding the non-yielding asset.

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