Gold prices slip

By Dat Nguyen   July 14, 2023 | 12:30 am PT
Gold prices slip
A person touches gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Thanh Tung
SJC gold price fell 0.07% to VND67.3 million ($2,846.27) per tael Friday morning.

Gold ring price dropped 0.18% to VND56.85 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Gold prices were set on Friday for their biggest weekly gain since April, after rallying close to a one-month high, as markets scale back expectations of further U.S. interest rate hikes, sending the dollar to its lowest in more than a year, Reuters reported.

Spot gold was little changed at $1,959.81 per ounce, and up 1.9% for the week. U.S. gold futures were flat at $1,964.00.

Making gold less expensive for overseas investors, the dollar index touched its lowest level since April 2022.

Gold’s got room to sort of expand from here, said Matt Simpson, a senior market analyst at City Index, adding that the next major levels could be $1,985 to $2,000.

Data on Thursday showed U.S. producer prices barely rose in June, providing more evidence the economy had entered a disinflation phase.

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