Wednesday , May 22 2024

Gold prices inch up

Vietnam’s SJC gold prices rose 0.74% to VND67.15 million ($2,739.14) per tael Thursday.

Gold ring prices went up 0.28% to VND54.3 mllion per tael. A tael is equal to 37.5 grams or 1.2 ounces.

Global spot gold prices went up 0.7% to $1,781.15 per ounce, a two-week high, supported by a weaker dollar after U.S. Federal Reserve Chair Jerome Powell’s speech sparked expectations of smaller interest rate hikes.

The Fed could scale back the pace of its rate hikes “as soon as December,” Powell said on Wednesday at the Brookings Institution in Washington. That pushed the dollar index 0.5% lower, making gold more attractive for overseas buyers, Reuters reported.

Investors’ attention now turns to the U.S. Labor Department’s non-farm payrolls data due on Friday, which could influence the Fed’s policy decisions.

“A strong employment report will give Fed the green light to keep hiking whilst inflation remains high, which is bad for gold. A weak report could be beneficial for gold as it points to lower consumer demand ahead, which is deflationary,” added Simpson.

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