Gold prices slip

By Dat Nguyen   May 21, 2023 | 07:29 pm PT
Gold prices slip
A person touchs gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price fell 0.07% to VND67.35 million ($2,872.07) per tael Monday morning.

Gold ring price stayed unchanged at VND57 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices edged higher on Monday after rising over 1% in the previous session following less-hawkish comments from the U.S. Federal Reserve Chair Jerome Powell, with uncertainty around the U.S. debt ceiling outcome and over the banking sector’s stability adding to safe-haven bullion’s gains, Reuters reported.

Spot gold was up 0.2% at $1,979.79 per ounce, while U.S. gold futures were steady at $1,981.00.

U.S. President Joe Biden and House Republican Speaker Kevin McCarthy will meet to discuss the debt ceiling on Monday, after a "productive" phone call as the president headed back to Washington, the two sides said on Sunday.

Fed Chair Powell said on Friday it is still unclear if U.S. interest rates will need to rise further, as central bank officials balance uncertainty about the impact of past hikes in borrowing costs and recent bank credit tightening with the fact that inflation is proving hard to control.

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