Gold prices edge up

By Dat Nguyen   August 18, 2023 | 12:18 am PT
Gold prices edge up
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price gained 0.07% to VND67.65 million ($2,841.24) per tael Friday morning.

Gold ring price was stable at VND56.75 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Gold gained from 5-month lows on Friday as the U.S. dollar and bond yields slightly retreated from highs, but bullion was set for its fourth consecutive weekly decline on concerns the Federal Reserve would keep interest rates higher for longer, Reuters reported.

Spot gold gained 0.2% to $1,892.02 per ounce by 0358 GMT, after touching its lowest since mid-March on Thursday. U.S. gold futures rose 0.4% to $1,921.90.

"The U.S. dollar has eased from recent highs and this has allowed gold to make a modest move higher. There is likely some bargain hunting happening for the precious metal at these levels," KCM Trade Chief Market Analyst Tim Waterer said.

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