Today: 01/06/2023 23:20:50 (GMT+7)

Gold prices drop

Prices of gold bars branded SJC on Saturday dropped VND100,000 ($4.03) from the previous day to VND67.6 million per tael.

Selling prices of gold rings also decreased VND100,000 to VND54.2 million per tael.

SJC gold prices are higher than the world average by some VND14.9 million per tael.

Gold prices drop, gold bars, Selling prices, world average, weekly dip, lower inflation, technical retracement

Gold bars and coins are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, August 14, 2019.

Globally, gold prices were bound for a weekly dip following indications from U.S. Federal Reserve officials that more interest rate hikes were due as the bank seeks to lower inflation, Reuters said.

The slight pullback in gold after the recent rally has been through a technical retracement in the gold market, according to David Meger, director of metals trading at High Ridge Future.

The pullback could continue going into next week’s December option expiration, which could cause a further consolidation in gold, Meger said, adding the market overall seems focused on interest rate expectations from the Fed.

Gold prices bounce back after drop
Gold prices bounced back Wednesday morning after closing Tuesday with a decline as global rates fluctuate around the previous historic peak as the Russia-Ukraine crisis continues.
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Gold prices soar to new peak
Vietnamese gold prices hit a new all-time high of VND64.8 million (US$2,838.4) per tael Thursday as global rates skyrocketed amid tensions over the Ukraine situation.
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Gold prices hit new peak
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Source: VnExpress

Gold prices drop, gold bars, Selling prices, world average, weekly dip, lower inflation, technical retracement
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