Gold prices step up

By Dat Nguyen   June 1, 2023 | 11:12 pm PT
Gold prices step up
A person holds gold bars at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price rose 0.07% to VND67.05 million ($2,856.72) per tael Friday morning.

Gold ring price went up 0.27% to VND56.65 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold was set on Friday for its biggest weekly gain in nearly two months, as hopes for a pause in the Federal Reserve’s tightening campaign bolstered bullion’s appeal amid progress on the U.S. debt-ceiling deal.

Spot gold was flat at $1,978.74 per ounce. U.S. gold futures were also little changed, at $1,996.20.

Bullion has gained 1.7% so far in the week, heading for its best week since the week ended April 7.

Current gold market sentiment remains constructive, and prices could move a little higher from here as the Fed is expected to stay on hold in June, said Edward Meir, a metals analyst at Marex.

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