Thursday , February 2 2023

Gold prices gain from 7-week low


SJC gold prices gained 0.37% to VND67.15 million ($) per tael Wednesday morning, bouncing up from a seven-week low recorded 24 hours before.

Gold ring prices fell 0.19% to VND53.9 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Gold prices struggled for momentum in early Asian trade on Wednesday as investors looked to next week’s U.S. Federal Reserve policy meeting for clues on the pace of rate hikes, Reuters reported.

Spot gold was little changed at $1,770.46 per ounce.

High interest rates have weighed on gold’s traditional status as a hedge against inflation and other uncertainties this year, as they translate into higher opportunity cost of holding the non-yielding metal.

The U.S. trade deficit widened sharply in October as slowing global demand and a strong dollar pushed goods exports to a seven-month low, suggesting that trade could be a drag on economic growth this quarter if the trend persists.

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