Gold prices gain slightly

By Dat Nguyen   November 7, 2023 | 08:40 pm PT
Gold prices gain slightly
Gold jewelry on display at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price rose 0.14% to VND70 million ($2,874.15) per tael Wednesday morning.

Gold ring price fell 0.08% to VND59.65 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold struggled for momentum on Wednesday as investors looked for more clarity on interest rates from the Federal Reserve chief after mixed messages from a host of U.S. central bank policymakers, Reuters reported.

Spot gold was unchanged at $1,968.11 per ounce after hitting its lowest since Oct. 24 on Tuesday. U.S. gold futures were little changed at $1,974.70.

"The geopolitical risk premium is getting digested out and as central banks turned away from rate hikes, it is ultimately pushing yields lower. So, there’s not much of driving catalysts for gold this week," said Ilya Spivak, head of global macro at Tastylive.

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