Saturday, September 23, 2023

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Gold prices move up

SJC gold price gained 0.22% to VND67.15 million ($2,859.88) per tael Saturday morning.

Gold prices move up

Gold ring price rose 0.18% to VND56.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold eased on Friday on a stronger dollar and higher yields but was set for its best week since early May after weaker jobs data bolstered bets for the Federal Reserve to hold pat on interest rates next week, Reuters reported.

Spot gold fell 0.3% to $1,961.39 per ounce. But it is headed for a 0.7% weekly climb, helped by a 1.5% jump on Thursday after a surge in U.S. weekly jobless claims.

“Gold is oscillating in a $1,940-$1,990 range and is likely to remain so until inflation data and the Fed result next week,” said Tai Wong, a New York-based independent metals trader, adding that bullion remains “more sensitive to weak or dovish economic data.”

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