Gold prices increase

By Dat Nguyen   May 30, 2023 | 08:58 pm PT
Gold prices increase
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price gained 0.15% to VND67.1 million ($2,856.53) per tael Wednesday morning.

Gold ring price rose 0.18% to VND56.6 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices eased on Wednesday, set for a monthly drop, as progress in the U.S. debt ceiling deal and expectations that the Federal Reserve will likely raise interest rates further eroded bullion’s safe-haven status, Reuters reported.

Spot gold fell 0.2% to $1,955.28 per ounce, and lost 1.7% so far this month. U.S. gold futures eased 0.2% to $1,954.80.

An overnight decline in Treasury yields have allowed gold prices to defend its support confluence zone at the $1,940 level for now, but intermittent bounces since early-May have been short-lived, which raises the chances that it could be the same this time round as well, said Yeap Jun Rong, a market analyst at IG.

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