Gold prices steady at two-week peak

By Dat Nguyen November 15, 2023 | 08:48 pm PT

Gold jewelry on display at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran

SJC gold price rose 0.14% to VND70.6 million ($2,906.55) per tael Thursday morning and continued to stay at the highest level since Nov. 2.

Gold ring price went up 0.25% to VND59.9 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices inched higher on Thursday, buoyed by expectations that the Federal Reserve has come to the end of its tightening cycle, although a rebound in the US dollar kept gains in check, Reuters reported.

Spot gold gained 0.1% to $1,961.81 per ounce. U.S. gold futures were flat at $1,964.60.

"Gold’s volatility has receded following the excitement after the U.S. inflation report, and it looks quite comfortable around $1,960 despite the U.S. dollar’s attempt to recoup some of its losses," City Index senior analyst Matt Simpson said.

"So without any fresh catalyst, (gold) seems to lack any major driver for a move today," Simpson added.

The dollar extended gains against its rivals after robust U.S. economic data, making gold more expensive for overseas buyers.