Gold prices inch down

By Dat Nguyen   July 14, 2023 | 09:50 pm PT
Gold prices inch down
Gold jewelry seen at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price dropped 0.07% to VND67.2 million ($2,842.34) per tael Saturday morning.

Gold ring price was stable at VND56.85 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices eased on Friday but were on track for their biggest weekly gain since April, after signs of slowing U.S. inflation raised expectations of a pause in Federal Reserve's interest rate hikes after this month, Reuters reported.

Spot gold fell 0.1% to $1,959.27 per ounce by 01:45 p.m. but has gained about 1.8% so far this week. U.S. gold futures settled little changed at $1,964.40.

Bullion hit its highest since June 16 earlier this week after data showed U.S. consumer prices in June registered their smallest annual increase in over two years, prompting bets the Federal Reserve could soon end its rate-hike cycle.

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