Gold prices climb up

By Dat Nguyen   July 3, 2023 | 09:39 pm PT
Gold prices climb up
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 VND67.05 million ($2,832.88) per tael Tuesday morning.

Gold ring price gained 0.09% to VND56.15 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices were flat on Tuesday in thin trading due to a U.S. holiday, while traders awaited the U.S. Federal Reserve’s minutes of the June meeting on Wednesday for more clues on its interest rate hike path ahead, Reuters reported.

Spot gold was little changed at $1,921.39 per ounce, while U.S. gold futures were flat at $1,929.10.

Trading volume could be light due to a U.S. holiday.

"Right now the headwinds for gold are the expectations of a further 50 bps tightening, more liquidity withdrawal and rates remaining relatively elevated for some time after the Terminal value has been reached," said Nicholas Frappell, global head of institutional markets, ABC Refinery.

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