Gold price inches up

By Dat Nguyen   May 17, 2023 | 11:13 pm PT
Gold price inches up
A person holds gold bars at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price gained 0.15% to VND67.2 million ($2,867.50) per tael Thursday morning.

Gold ring price fell 0.09% to VND57.1 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices steadied on Thursday as the dollar pulled back slightly from a seven-week peak, while traders focused on negotiations in Washington over raising the U.S. debt ceiling, Reuters reported.

Spot gold held its ground at $1,983.79 per ounce. U.S. gold futures steadied at $1,986.60.

The dollar index eased on the day, after hitting a seven-week high in the previous session, partly due to traders dialling back expectations of a rate cut by the Federal Reserve this year.

Gold could remain in the $1,965-$2,020 range over the next two weeks, but the general trend remains fairly weak, as increasing optimism around the debt ceiling is also likely to heap pressure on bullion, said Edward Meir, metals analyst at Marex.

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