Sunday , April 14 2024

Gold prices rise

Prices of gold bars branded SJC on Wednesday increased VND100,000 ($4.02) from the previous day to VND67.5 million ($2,706) per tael.

Prices of gold rings branded SJC dropped VND250,000 from the previous day to VND53.85 million per tael.

SJC gold prices are higher than the world average by some VND15.3 million per tael.

Globally, gold prices were flat on Wednesday, as investors held back from making big bets ahead of the U.S. Federal Reserve’s latest policy meeting minutes, which could offer clues on further interest rate hikes, Reuters said.

“There is some nervousness in the market ahead of the Fed minutes,” said Edward Meir, an analyst with ED&F Man Capital Markets.

Market participants are awaiting the minutes of Fed’s Nov. 1-2 policy meeting due at 1900 GMT. U.S. durable goods data and weekly initial jobless claims are also on the radar.

Although gold is seen as a hedge against inflation, rising U.S. interest rates dull non-yielding bullion appeal.

“In the near term, expect gold prices to work a bit higher from here into year-end because I see the dollar weakening some more and we are very close to peaking out on inflation and interest rates,” Meir said.

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