Gold prices edge up

By Dat Nguyen   June 8, 2023 | 08:33 pm PT
Gold prices edge up
Gold jewelry on display at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price gained 0.15% to VND67.1 million ($2,857.08) per tael Friday morning.

Gold price gained 0.27% to VND56.55 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices edged lower on Friday after climbing more than 1% in the previous session, although hopes of a likely pause on interest rate hikes by the U.S. central bank kept bullion on track for a weekly gain, Reuters reported.

Spot gold was down 0.2% to $1,964.79 per ounce, but headed for a 0.9% weekly rise. U.S. gold futures held steady at $1,979.80.

The initial jobless claims numbers gave further weight to the case for a June pause from the Fed, and the resulting pullback in treasury yields have allowed the gold price to pop higher, Tim Waterer, Chief market analyst at KCM Trade.

The slight pullback is natural after a spike higher in terms of price consolidation and some profit-taking, he added.

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