Friday , June 2 2023

Gold starts week with marginal gain

SJC gold price increased by 0.07% to VND67.15 million ($2,830.35) per tael Monday morning.

Gold ring price inched up 0.09% to VND54.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices were stuck in a tight range on Monday, as bets of more interest rate hikes from the U.S. Federal Reserve dimmed the outlook for non-yielding bullion and boosted the U.S. dollar, Reuters reported.

Spot gold was little changed at $1,842.40 per ounce after falling to its lowest since late December in the previous session.

Higher interest rates discourage investment in non-yielding gold, although it is considered a hedge against soaring prices.

“Recent positive economic data and comments from the Fed are likely to restrict traders from taking big bets on gold on expectations of further rate hikes,” said Hareesh V, head of commodity research at Geojit Financial Services.

“Gold may trade lacklustre inside a tight range in the immediate run.”

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