Wednesday , May 31 2023

Gold prices step up

SJC gold price gained 0.37% to VND67.4 million ($2,866.56) per tael Thursday morning.

Gold ring price rose 0.63% to VND55.85 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices edged higher on Thursday after the U.S. Federal Reserve raised interest rates by an expected 25 basis points and signalled it was on the verge of pausing future hikes in view of recent turmoil in the financial sector, Reuters reported.

Spot gold was up 0.2% at $1,972.72 per ounce.

Gold prices jumped 2% on Wednesday after the Fed raised interest rates, but indicated it might pause further increases in borrowing costs after the recent collapse of two U.S. banks.

Fed policymakers believe beating back inflation may require just one more interest-rate hike this year, but less easing next year than most thought would be appropriate just three months ago.

Gold is traditionally considered a hedge against inflation, and a low interest-rate environment makes non-yielding bullion a more attractive bet.

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