Gold prices hit two-week high

By Dat Nguyen   November 13, 2023 | 08:41 pm PT
Gold prices hit two-week high
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price rose 0.36% to VND70.55 million ($2,893.53) per tael Tuesday morning, highest since Nov. 2.

Gold ring price went up 0.17% to VND59.6 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices were stuck in a narrow range on Tuesday as investors refrained from taking big positions ahead of U.S. inflation data that could offer more clarity on whether the Federal Reserve is likely to raise interest rates further, Reuters reported.

Spot gold was flat at $1,945.45 per ounce. U.S. gold futures edged lower 0.1% to $1,949.50.

Wall Street economists expect the headline CPI to have slowed to a 0.1% rise in October, from a 0.4% increase in September, according to a Reuters poll. The core inflation number is seen at 0.3%, unchanged from September.

"Any upside surprise in the data could see some sort of modest repricing of the odds of another hike, if not in December, then maybe at the start of next year," said Kyle Rodda, a financial market analyst at

Although gold is seen as a hedge against inflation, higher interest rates raise the opportunity cost of holding bullion.

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