Thursday , February 2 2023

Gold prices move up

SJC gold prices move up 0.15% to VND67.1 million ($2,848.65) per tael.

Gold ring prices gained 0.19% to VND54.1 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Global spot gold was up 0.3% at $1,794.49 per ounce as the dollar eased, with caution ahead of U.S. inflation data and the Federal Reserve’s policy decision due next week limiting overall moves, Reuters reported.

If the Fed slows the pace as per expectations, along with a relatively moderate CPI print, “then dollar might weaken and all of a sudden you could see a perfect storm rushing over gold’s horizon,” said Clifford Bennett, chief economist at ACY Securities.

Lower interest rates tend to be beneficial for bullion as they decrease the opportunity cost of holding the non-yielding asset, he added.

Traders will care to see what the Fed has to say about the trend of inflation and where rates could peak, Edward Moya, senior analyst with OANDA, said in a note.

“Gold looks like it will find a home around the $1,800 level, until we have further indications.”

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