Gold price steps up

By Dat Nguyen   May 3, 2023 | 08:52 pm PT
Gold price steps up
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price rose 0.15% to VND67.25 million ($2,868.10) per tael Thursday morning.

Gold ring price surged 0.53% to VND57.25 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices traded near record-high levels on Thursday, as U.S. yields and the dollar dipped after the U.S. Federal Reserve hinted it may pause its rate-hike cycle.

Spot gold was up 0.1% at $2,040.46 per ounce. Earlier in the session, prices rose to $2,072.19 per ounce and hovered close to an all-time high of $2,072.49 scaled in 2020.

Gold is helped by "lower yields and a weaker dollar in the aftermath of the recent Fed meet and changes in the policy statement language providing the conviction that the central bank will likely shift towards a rate pause," said Yeap Jun Rong, market analyst at IG.

The dollar index was down 0.2%, making greenback-priced gold more affordable for overseas buyers. Benchmark U.S. Treasury yields also dropped.

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