Gold prices rise

By Dat Nguyen   August 18, 2023 | 07:31 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 price gained 0.07% to VND67.7 million ($2,842.15) per tael Saturday morning.

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

Globally gold was little changed on Friday, but bullion was bound for its third straight weekly dip as recent sound U.S. economic data raised bets for interest rates staying higher for longer, Reuters reported.

Spot gold was steady at $1,887.79 per ounce, down 1.4% for the week so far. U.S. gold futures settled 0.1% higher at $1,916.5

Limiting losses for the day, the dollar was down 0.2%, making gold cheaper for holders of other currencies.

"Gold’s got a problem where it’s competing with instruments that are yielding 4-5%", such as bonds, while gold yields nothing in comparison, said Phillip Streible, chief market strategist at Blue Line Futures, in Chicago.

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