Gold prices inch up

By Dat Nguyen   September 30, 2023 | 03:16 am 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 gained 0.07% to VND68.93 million ($2,836.05) per tael Saturday morning.

Gold ring price fell 0.70% to VND56.95 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices extended declines on Friday and were on track for monthly and quarterly declines on expectations that the U.S. central bank may keep interest rates higher for longer, Reuters reported.

Spot gold fell 0.8% to $1,850.44 per ounce, its lowest in more than six months. U.S. gold futures settled 0.7% lower at $1,866.10.

Bullion is set to end September down 4.6% and the quarter 3.6% lower, after the Federal Reserve struck a hawkish stance.

"Gold’s outlook, fortunately or unfortunately, has a lot to do with the underlying interest rate environment moving forward," said David Meger, director of metals trading at High Ridge Futures.

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