Gold prices increase

By Ngan Anh July 28, 2023 | 12:16 am PT

Ingots of 99.99 percent pure gold are placed in a workroom at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, January 31, 2023. Photo by Reuters

SJC gold price rose 0.14% to VND67.25 million ($2,837.86) per tael Friday.

Gold ring price downed 0.35% to VND57 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Gold prices clawed back from two-week lows on Friday after a strong U.S. economic data-driven sell-off in the previous session and an elevated interest rate environment drove bullion towards its biggest weekly decline in five weeks.

Spot gold was up 0.3% at $1,950.84 per ounce by 0657 GMT, after earlier hitting its lowest level since July 12.

U.S. gold futures rose 0.2% to $1,949.80 per ounce, according to Reuters.

Bullion has declined 0.5% so far in the week, heading for its biggest weekly fall since June 23 as the U.S. Federal Reserve and the European Central Bank continued with another round of rate hikes this week, and left open the option of further hikes.