Gold prices advance

By Dat Nguyen   June 30, 2023 | 09:17 pm PT
SJC gold price rose 0.15% to VND67.05 million ($2,842.91) per tael Saturday morning.

Gold ring price went up 0.27% to VND56.25 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold was bound for its first quarterly decline in three, squeezed by expectations for more U.S. interest rate hikes, while moderate inflation prints provided some support on Friday.

Spot gold rose 0.5% to $1,917.94 per ounce by 01:46 p.m. U.S. gold futures settled 0.6% higher at $1,929.40.

Prices have shed 2.5% this quarter, dropping from levels just shy of all-time highs at $2,072 in May, caused by nervousness about the health of the U.S. banking sector, to below $1,900 on Thursday.

The banking crisis "brought the 10-year yield lower because it was thought that the Fed was going to have to stop raising rates ... that all got thrown out the door with the last rate hike (pressuring gold)," said Daniel Pavilonis, senior market strategist, RJO Futures.

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