Saturday , January 28 2023

Gold price rises

SJC gold prices went up 0.74% to VND67.2 million ($2,751.84) per tael Friday.

Gold ring prices went up 0.09% to VND54.35 million per tael. A tael is equal to 37.5 grams or 1.2 ounces.

Global spot gold prices fell 0.3% to $1,796.71 per ounce after hitting its highest since Aug. 10 earlier in the session.

Earlier this week, Powell had said it was time to slow interest rate hikes. Rising rates have kept a hold on gold’s traditional status as an inflation hedge this year, as they translate into higher opportunity cost of holding the non-yielding metal, Reuters reported.

Investors now await the U.S. Labor Department’s non-farm payrolls data for clues about how rate hikes have affected the labour market.

“Job data would be critical for gold as it will hint to possible actions from the U.S. central bank. A better-than-expected data may lift the dollar and likely weigh on gold prices and vice versa,” said Hareesh V, head of commodity research at Geojit Financial Services in Kochi, India.

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