Gold prices inch up

Gold ring price was stable at VND57.9 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold edged higher on Friday, although prices lingered near a one-week low touched in the previous session as the U.S. dollar and Treasury yields reaped the returns of the Federal Reserve’s hawkish stance on interest rates, Reuters reported.

Spot gold was up 0.2% at $1,923.22 per ounce, having logged its biggest daily drop since Sept. 5 on Thursday. U.S. gold futures added 0.2% to $1,943.00.

The dollar stood near a six-month peak on the prospect of higher-for-longer U.S. rates, while benchmark 10-year Treasury yields rose to 16-year highs and Wall Street tanked in a broad sell-off.

Higher interest rates discourage the buying of non-interest-paying bullion, which is priced in dollars.