Gold prices move up

By Dat Nguyen   April 21, 2023 | 11:04 pm PT
SJC gold price gained 0.15% to VND67.05 million ($2,853.80) per tael Saturday morning.

Gold ring price dropped 0.09% to VND56.7 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices fell sharply on Friday and were headed for their worst week in eight as hawkish remarks by U.S. Federal Reserve officials through the week bolstered bets for at least one more interest rate hike and buoyed the dollar, Reuters reported.

Spot gold dropped 1.2% to $1,979.63 per ounce. U.S. gold futures settled 1.4% lower to $1,990.50.

Bullion has shed about 1.2% so far this week, pressured by the dollar's gains overall, which made bullion more expensive for overseas buyers.

Fed officials said on Thursday inflation remains "far above" the central bank's 2% target. Fed Governor Michelle Bowman reiterated that more work needs to be done to tame inflation.

While a rate hike will initially dull gold's appeal, an eventual pause will send gold to its recent all-time highs, said Bob Haberkorn, senior market strategist at RJO Futures, adding that "the Fed has a breaking point where they can't go anymore on rates without doing significant damage to the economy."

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