Wednesday , June 7 2023

Gold prices soar

SJC gold price gained 0.37% to VND67.3 million ($2,868.10) per tael Wednesday morning.

Gold ring price surged 1.16% to VND56.75 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices hovered near record highs seen in 2020, trading steady above the key $2,000 level on Wednesday, as the dollar eased after weak U.S. economic data fanned expectations that the Federal Reserve might loosen its monetary policy trajectory, Reuters reported.

Spot gold held its ground at $2,020.39 per ounce. U.S. gold futures were steady at $2,037.20.

The dollar index was down 0.1%, making bullion cheaper for buyers holding other currencies.

Gold prices rallied 2% to hit their highest in more than a year on Tuesday after another round of weaker U.S. economic data indicated a slowing economy and strengthened expectations of a less-aggressive Fed policy.

While gold is traditionally considered a hedge against inflation and economic uncertainties, higher interest rates dim the appeal for non-yielding bullion.

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