Gold prices tiptoe up

By Dat Nguyen   August 8, 2023 | 08:43 pm PT
Gold prices tiptoe up
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price gained 0.07% to VND67.35 million ($2,838.18) per tael Wednesday morning.

Gold ring price fell 0.09% to VND56.95 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices bounced back on Wednesday from one-month lows as bond yields and dollar weakened a day ahead of the release of U.S. consumer price data that could build the case for or against further interest rates hikes, Reuters reported.

Spot gold was up 0.1% at $1,926.29 per ounce, having dropped to the lowest level since July 10 at $1,922 on Tuesday. U.S. gold futures were flat at $1,960.30.

U.S. and European bank stocks dropped on Tuesday on renewed investor worries about the health of the industry after ratings agency Moody’s downgraded several U.S. lenders and Italy approved a surprise 40% windfall tax on its lenders.

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