Gold price drops

Gold ring price dropped 0.35% to VND56.8 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Gold prices were steady in early Asian trade on Tuesday as investors focused on the long-drawn U.S. debt ceiling talks after President Joe Biden and the top congressional Republican struggled to make a deal, Reuters reported.

Spot gold edged 0.1% higher at $1,971.09 per ounce. U.S. gold futures fell 0.3% to $1,972.10.

Biden and House Speaker Kevin McCarthy could not reach an agreement on Monday on how to raise the U.S. government’s $31.4 trillion debt ceiling with just 10 days before a possible default that could sink the U.S. economy, but pledged to keep talking.

The White House lacks urgency on dealing with the U.S. debt ceiling crisis, U.S. Representative Patrick McHenry, a top Republican negotiator, said on Monday night.

St. Louis Fed President James Bullard said there might be the need to go higher on the policy rate.