Tuesday , June 6 2023

Gold edges up

SJC gold price gained 0.07% to VND67.2 million ($2,863.84) per tael Friday morning.

Gold ring price dropped 0.35% to VND56.7 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices were poised for a second monthly gain on Friday as lingering economic concerns drove investors to the safe-haven asset, while markets turned their focus to the Federal Reserve’s meeting due next month, Reuters reported.

Spot gold edged 0.2% lower to $1,983.89 per ounce, but was up about 1% for the month. U.S. gold futures eased 0.2% to $1,995.30.

Taking some shine off gold on the day, rival dollar, edged up, but was set for a monthly decline. A softer dollar makes gold more attractive for other currency holders.

Clifford Bennett, chief economist at ACY Securities said there was likely to be some continued caution among gold buyers as the battle to stay above $2,000 and break into a new era continued to rage, going into the Fed meeting.

“(But) from a safe-haven perspective, gold has been on the rise in recent times,” Bennett said, adding U.S. GDP slowed sharply and challenges persist for global economies.

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