Gold prices firm

By Dat Nguyen   August 21, 2023 | 08:18 pm PT
Gold prices firm
Gold jewelry on display at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Gold prices rose 0.07% to VND67.6 million ($2,837.96) per tael Tuesday morning.

Gold ring price rose 0.09% to VND56.8 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices firmed above recent lows on Tuesday, with the non-yielding asset holding ground despite U.S. Treasury yields powering to nearly 16-year highs as investors look ahead to central bankers’ meeting this week for clues on interest rates, Reuters reported.

Spot gold held its ground at $1,894.89 per ounce, hovering above a five-month low of $1,883.70 hit last week. U.S. gold futures were flat at $1,923.50.

Following a week of back-to-back declines, gold on Monday settled 0.3% higher, reporting its best day in more than two weeks.

"Potential buyers have been waiting to see how far gold could fall, and this could be the beginnings of their re-entering the market in force," said Clifford Bennett, chief economist at ACY Securities.

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