Saturday , May 25 2024

Gold dips to 10-day low

Saigon Jewelry Company gold bar price plunged 4.52% to VND74 million ($3,086.41) per tael Friday morning, lowest since Dec. 19.

This means gold bar has lost its value by VND3.5 million from the end of Thursday.

Gold ring price fell 0.70% to VND63.45 million per tael. A tael equals 37.5 grams or 1.2 ounces.

The State Bank of Vietnam said that recent fluctuations in gold prices were mostly caused by investors’ sentiment as global gold prices surged.

Globally gold prices hovered around the three-week peak of $2,088 as investors expect more rate cuts by the U.S. Federal Reserve next year, Reuters reported.

Investors are betting on an 88% chance of the Fed cutting rates in March, according to the CME FedWatch tool.

Lower interest rates decrease the opportunity cost of holding non-yielding bullion.

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