Gold prices slip

By Dat Nguyen   February 22, 2023 | 11:39 pm PT
Gold prices slip
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price dropped 0.15% to VND67 million ($2,815.72) per tael Thursday afternoon.

Gold ring price remained unchanged at VND54.35 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices rose on Thursday, helped by a slight pullback in the dollar, although prospects of U.S. interest rates staying higher for longer kept bullion on a tight leash, Reuters reported.

Spot gold was up 0.2% at $1,828.17 per ounce.

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

Minutes from the Federal Reserve’s latest policy meeting showed on Wednesday policymakers agreed rates would need to move higher, but that the shift to smaller-sized hikes would let them calibrate more closely with incoming data.

"The Fed stated they’re still looking at combating inflation and raising interest rates, but not as aggressive as before... because of that, gold prices have retreated a little, and this morning they’re just consolidating," said Brian Lan, managing director at Singapore-based dealer GoldSilver Central.

go to top