Gold prices rise

By Dat Nguyen   May 8, 2023 | 08:22 pm PT
Gold prices rise
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold gained 0.15% to VND67.2 million ($2,864.45) per tael Tuesday.

Gold ring went up 0.08% to VND57.35 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices flitted in a narrow range on Tuesday ahead of U.S. inflation data, which investors will scrutinise for clues on the Federal Reserve’s policy path, Reuters reported.

Spot gold was little changed at $2,023.41 per ounce. U.S. gold futures were down 0.2% at $2,030.10.

The U.S. consumer price index (CPI) data is due on Wednesday.

If the inflation report comes hot and fans worries of another Fed rate hike in June, gold prices could eventually drop to $1,950-$1,920 level, said Ajay Kedia, director at Kedia Commodities in Mumbai.

Bullion is considered an inflation hedge, but higher rates dent the non-yielding asset’s appeal.

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