Gold prices move up

By Dat Nguyen   June 9, 2023 | 11:10 pm PT
Gold prices move up
Gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price gained 0.22% to VND67.15 million ($2,859.88) per tael Saturday morning.

Gold ring price rose 0.18% to VND56.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold eased on Friday on a stronger dollar and higher yields but was set for its best week since early May after weaker jobs data bolstered bets for the Federal Reserve to hold pat on interest rates next week, Reuters reported.

Spot gold fell 0.3% to $1,961.39 per ounce. But it is headed for a 0.7% weekly climb, helped by a 1.5% jump on Thursday after a surge in U.S. weekly jobless claims.

"Gold is oscillating in a $1,940-$1,990 range and is likely to remain so until inflation data and the Fed result next week," said Tai Wong, a New York-based independent metals trader, adding that bullion remains "more sensitive to weak or dovish economic data."

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