Gold prices hit 10-day high

By Dat Nguyen   July 24, 2023 | 08:34 pm PT
Gold prices hit 10-day high
Gold jewelry on display at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price rose 0.07% to VND67.25 million ($2,839.41) per tael Tuesday morning, highest since July 15.

Gold ring price dropped 0.09% to VND56.95 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices struggled for direction in early Asian trading on Tuesday as traders braced for a widely anticipated rate hike along with monetary policy clues from the U.S. Federal Reserve over the next two days, Reuters reported.

Spot gold rose 0.2% to $1,958.20 per ounce, while U.S. gold futures fell 0.1% to $1,959.90.

The dollar index was at a near-two-week peak, weighing on gold as a stronger dollar makes bullion more expensive for buyers holding other currencies.

Markets are fully priced for quarter-point rate hikes from the Fed and the European Central Bank. So, the focus will be on what Fed Chair Jerome Powell and ECB President Christine Lagarde say about the future and their September meetings.

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