Gold prices retreat

By Dat Nguyen   July 27, 2023 | 12:09 am PT
Gold prices retreat
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price fell 0.07% to VND67.15 million ($2,837.04) per tael Thursday morning.

Gold ring price gained 0.09% to VND57.2 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices rose to a one-week high on Thursday on a slightly weaker dollar, as traders digested fairly balanced comments from U.S. Federal Reserve Chair Jerome Powell after a widely expected interest rate hike, Reuters reported.

Spot gold rose 0.3% to $1,978.19 per ounce, after earlier hitting its highest since July 20.

U.S. gold futures were up 0.4% to $1,978.50.

The Fed raised interest rates by a 25 basis points on Wednesday, highlighting that another 25 bps hike could be in September based on a wide range of data. However, Powell flagged they were no longer forecasting a U.S. recession.

"Gold is still in a medium-to-long term uptrend and held technical supports despite the longer-for-higher rates narrative," said Nicholas Frappell, global head of institutional markets at ABC Refinery.

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