Gold prices increase

By Dat Nguyen   May 9, 2023 | 09:09 pm PT
Gold prices increase
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Thanh Tung
SJC gold price gained 0.07% to VND67.25 million ($2,865.06) per tael Wednesday.

Gold ring went up 0.09% to VND57.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices were flat on Wednesday, as traders positioned themselves for key U.S inflation data due later in the day, which could impact the Federal Reserve's policy stance, Reuters reported.

Spot gold was unchanged at $2,032.86 per ounce. U.S. gold futures were down 0.1% at $2,041.50.

The U.S. consumer price index (CPI) data is due at 1230 GMT. Economists polled by Reuters expect a 5.5% year-on-year increase in core consumer prices for April.

If U.S. inflation remains moderately controlled, it may lead to pause in Fed rate hikes, which will weaken dollar and support gold, said Geojit Financial Services research head Hareesh V.

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