Gold inches up

Gold ring prices dropped 0.18% to VND54.2 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Global spot gold held its ground at $1,838.69 per ounce on Wednesday, as investors awaited minutes from the Federal Reserve’s December policy meeting that could offer hints on the U.S. central bank’s tightening path, Reuters reported.

Bullion is seen as a hedge against inflation, but rising interest rates dull non-yielding asset’s appeal.

Minutes from the Fed’s December meeting are due at 2 a.m. Thursday. The U.S. central bank had raised rates by 50 basis points (bps) in December after four straight hikes of 75 bps each.

China’s factory activity shrank at a sharper pace in December as surging COVID-19 infections disrupted production and weighed on demand after Beijing largely removed anti-virus restrictions, a private sector survey showed on Tuesday.

British manufacturers are starting 2023 on the back foot, after they reported one of their sharpest falls in activity since the 2008-09 recession last month, reflecting a sharp fall in new orders and ongoing job cuts.