Monday , February 6 2023

Gold prices hit highest since November 2022


SJC gold price gained 0.15% to VND67.7 million ($2,884.53) per tael Thursday morning, highest since November 25.

Gold ring price inched down 0.09% to VND55.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Global gold prices inched higher on Thursday as investors weighed the chances of the U.S. Federal Reserve slowing its pace of interest rate hikes, while a firmer dollar capped bullion’s gains, Reuters reported.

Spot gold was up 0.1% at $1,906.01 per ounce.

Few Fed officials signalled on Wednesday that they would push on with more interest rate hikes, while Philadelphia Fed President Patrick Harker and Dallas Fed President Lorie Logan said they supported a slower pace of tightening.

Traders are mostly pricing in a 25-basis point rate hike at the Fed’s Jan. 31-Feb. 1 meeting. Last year, the U.S. central bank slowed its pace of hikes to 50 bps in December after four straight 75-bp increases.

Markets still see a 25-bp hike in February and rate cuts from September, and gold is enjoying the perceived less hawkish Fed, said Matt Simpson, a senior market analyst at City Index.

“If gold can hold above $1,895, then prices will hold within the $1,900–$1,920 range, whereas a break below $1,895 signals a retracement against its bullish trend, ahead of a break above $1,930,” Simpson said.

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