Gold prices gain
SJC gold price gained 0.07% to VND66.6 million ($2,808.64) per tael Thursday morning. Gold ring price went up 0.09% to VND54 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally gold prices traded in a tight range on Thursday as some investors stayed on the sidelines ahead of U.S. jobs data that could influence the Federal Reserve’s monetary policy path.
Spot gold was little changed at $1,813.39 per ounce, trading in a $5 range, after hitting its lowest since Feb. 28 on Wednesday.
Gold is considered a hedge against inflation, and interest rate hikes to control rising prices make it less attractive. Rate hikes also dim the non-yielding bullion’s appeal.
“The gold market has been muted… the market is still trying to digest where the Fed will go after Powell mentioned the final interest rates might be higher than initially expected,” said Brian Lan, managing director at Singapore-based dealer GoldSilver Central.
Fed Chair Powell on Wednesday reaffirmed his message of higher and potentially faster interest rate hikes, but emphasized that debate was still underway with a decision hinging on data to be issued before the U.S. central bank’s policy meeting in two weeks.