Gold prices tick up

By Dat Nguyen   July 6, 2023 | 01:48 am PT
SJC gold price gained 0.15% to VND67.05 million ($2,822.56) per tael Thursday morning.

Gold ring price fell 0.18% to VND56.05 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Gold prices edged higher in a tight range on Thursday as the dollar eased slightly while investors awaited a raft of U.S. economic data that could influence the Federal Reserve’s policy trajectory, Reuters reported.

Spot gold ticked up 0.2% to $1,920.79 per ounce. U.S. gold futures were flat at $1,927.20.

The dollar index dipped 0.3% making gold less expensive for overseas buyers.

"(However,) the pushback in rate-cuts timeline compared to the start of the year is driving some unwinding in gold prices from previous bullish build-up," said Yeap Jun Rong, market strategist at IG.

Therefore, a series of labour market data will be closely watched, but much will still revolve around a continued moderation in wage pressures, he added.

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