Gold prices slip

By Dat Nguyen   June 8, 2023 | 12:41 am PT
Gold prices slip
Gold jewelry on display at a shop in Ho Chi Minh City. Photo by VnExpress/Thanh Tung
SJC gold price fell 0.07% to VND67 million ($2,851.67) per tael Thursday morning.

Gold ring price lost 0.18% to VND56.4 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices edged higher on Thursday, supported by a softer dollar, although bullion hovered near the previous session’s lows as investors awaited cues from the U.S. Federal Reserve, Reuters reported.

Spot gold was up 0.3% to $1,945.49 per ounce, after shedding 1% in the previous session. U.S. gold futures held steady at $1,959.90.

Gold has support from expectations of the Fed holding rates next week with prices stuck in the $1,930 to $1,985 range, and bullion could breach the upper range once the U.S. central bank decision is out, said Ajay Kedia, director at Kedia Commodities in Mumbai.

According to economists polled by Reuters, the Fed will not raise interest rates for the first time in more than a year at its June 13-14 meeting.

The Bank of Canada on Wednesday hiked its overnight rate to a 22-year high of 4.75%, and markets and analysts immediately forecast yet another increase next month to ratchet down an overheating economy and stubbornly high inflation.

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