Gold rises marginally

By Dat Nguyen   September 28, 2023 | 01:21 am PT
Gold rises marginally
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price went up 0.07% to VND68.88 million ($2,823.53) per tael Thursday afternoon.

Gold ring price fell 0.35% to VND57.35 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold edged up on Thursday, but prices hovered near a six-month low hit in the previous session due to an elevated dollar and Treasury yields, with markets awaiting U.S. economic data for clues on the Federal Reserve’s interest rate trajectory, Reuters reported.

Spot gold was up 0.1% to $1,876.80 per ounce after shedding 1.4%, its biggest daily decline since July, on Wednesday. U.S. gold futures rose 0.2% to $1,894.10.

The dollar hit a 10-month high against its major peers, while Treasury yields climbed a fresh 16-year peak as investors bet the U.S. economy will outperform its competitors in an environment of high interest rates.

Higher rates raise the opportunity cost of holding bullion, which is priced in dollars and does not yield any interest.

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