Gold prices advance

By Dat Nguyen July 12, 2023 | 10:05 pm PT

A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran

SJC gold price gained 0.15% to VND67.3 million ($2,845.06) per tael Thursday morning after hitting a seven-week high Wednesday.

Gold ring surged 0.7% to VND57 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices advanced to a near one-month high on Thursday supported by a softer U.S. dollar, after U.S. inflation data raised hopes that the Federal Reserve would soon stop tightening its monetary policy, Reuters reported.

Spot gold was up 0.1% to $1,959.79 per ounce, hitting its highest since June 16. U.S. gold futures ticked up 0.1% to $1,964.30.

"Gold could go higher closer to the $2,000 mark, chances of prices coming down is more likely this quarter, and thus $1,800 remains a possibility," Lan further said, adding the Fed could still strike a "cautious tone".