Gold prices advance

By Dat Nguyen   July 21, 2023 | 09:40 pm PT
Gold prices advance
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price rose 0.07% to VND67.1 million ($2,836.31) per tael Saturday morning.

Gold ring price dropped 0.09% to VND56.85 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold fell on Friday, moving further away from a two-month peak hit in the last session, due to a stronger dollar and as investors remained cautious ahead of the U.S. Federal Reserve policy meeting next week, Reuters reported.

Spot gold was down 0.3% at $1,962.85 per ounce but was set for a 0.4% rise this week. U.S. gold futures settled 0.2% lower at $1,966.60.

The dollar index rose 0.2% to a more than one-week high after a positive weekly U.S. jobless claims data, making gold more expensive for other currency holders.

"Usually, we will see a softer gold market ahead of the interest rate decision and we’re seeing the metals in a softer environment ahead of that... I think rates are going to be somewhat strong for the foreseeable future," said Daniel Pavilonis, senior market strategist at RJO Futures.

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