Gold prices slip

By Dat Nguyen   February 8, 2023 | 09:05 pm PT
Gold prices slip
A person holds gold bars at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price dropped 0.22% to VND67.35 million ($2,851.40) per tael Thursday morning.

Gold ring price stayed unchanged at VND54.85 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices rose for the fourth straight session on Thursday as the dollar faltered, but bullion’s outlook remained cloudy as several U.S. Federal Reserve officials said more interest rate increases were needed to rein in inflation, Reuters reported.

Spot gold was up 0.2% at $1,879.35 per ounce, as of 0334 GMT.

"Gold has entered a consolidation phase, which means it is trading in narrow ranges and bouncing between technical levels," said Matt Simpson, a senior market analyst at City Index.

The dollar index eased 0.1%, making dollar-priced gold a more attractive bet for overseas buyers.

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