Gold prices hover around 7-month high

By Dat Nguyen   August 29, 2023 | 06:57 pm PT
Gold prices hover around 7-month high
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price gained 0.22% to VND68.3 million ($2,828.75) per tael Wednesday morning, highest since Jan. 27.

Gold ring price went up 0.18% to VND57.05 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices on Wednesday hovered near their highest levels in three weeks after lacklustre U.S. jobs openings and consumer confidence data assuaged bets of interest rate hikes by the Federal Reserve this year, Reuters reported.

Spot gold held its ground at $1,936.59 per ounce, trading close to its highest levels since Aug. 7 hit on Tuesday. U.S. gold futures steadied at $1,964.30.

U.S. Treasury yields dropped to three-week lows on Tuesday after the data and the dollar also weakened, making gold less expensive for other currency holders. Lower rates burnish demand for the non-interest-paying gold.

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