Gold prices increase

By Dat Nguyen   June 29, 2023 | 12:40 am PT
Gold prices increase
Gold jewelry on display at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price rose 0.15% to VND67.05 million ($2,844.54) per tael Thursday morning.

Gold ring price fell 0.44% to VND56.2 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices fell to their lowest in more than three months on Thursday, retreating for a third straight session as top central banks reiterated their hawkish monetary policy approach to cool bubbling price pressures, Reuters reported.

Spot gold was down 0.1% at $1,905.59 per ounce, having earlier hit its lowest since mid-March. U.S. gold futures dropped 0.4% to $1,913.80.

U.S. Federal Reserve Chairman Jerome Powell did not rule out an interest rate hike at the central bank’s next meeting, as leaders of the world’s top central banks see further policy tightening.

Powell’s hawkish remarks reinforced the view of interest rates going higher for longer, with a greater opportunity cost of holding gold dimming the appeal of the metal, said OCBC FX strategist Christopher Wong.

Bullion has dropped about 3% so far in June and looks set to end the quarter in negative territory for the first time since September 2022, as traders pushed back expectations for an end to the rate hike cycle.

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