Gold prices inch up

By Dat Nguyen   August 25, 2023 | 07:39 pm PT
Gold prices inch up
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price rose 0.15% to VND68.05 million ($2,834.83) per tael Saturday morning.

Gold ring price was stable at VND56.95 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold fell on Friday, en route to snap a four-session streak of gains after Federal Reserve Chair Jerome Powell left the door open to more interest rate hikes, Reuters reported.

Spot gold fell 0.4% to $1,910.31 per ounce. U.S. gold futures settled 0.4% lower at $1,939.90.

The dollar and benchmark 10-year Treasury yields ticked higher, denting non-yielding bullion’s appeal.

"Gold’s reaction to Powell’s signal that the Fed is on hold but vigilant is somewhat disappointing, suggesting demand at current levels may be limited," said Tai Wong, a New York-based independent metals trader.

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