Gold prices rise

By Dat Nguyen   July 19, 2023 | 08:01 pm PT
Gold prices rise
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Thanh Tung
SJC gold price gained 0.07% to VND67.25 million ($2,844.76) per tael Thursday morning.

Gold ring price rose 0.26% to VND57.1 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices inched up on Thursday, hovering near an eight-week peak on bets that the U.S. Federal Reserve might soon hit pause on its interest rate-hiking cycle, Reuters reported.

Spot gold rose 0.1% to $1,978.59 per ounce. U.S. gold futures were little changed at $1,981.30.

The dollar index wobbled near a more than one-year low, making gold cheaper for holders of other currencies.

The Fed is expected to raise rates by 25 basis points (bps) in their meeting next week, keeping them in the 5.25%-5.5% range until cuts are seen 2024 onwards, per CME’s Fedwatch tool.

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