Friday , June 21 2024

Gold prices decline

SJC gold price fell 0.15% to VND67.05 million ($2,819.00) per tael Friday morning.

Gold ring price dropped 0.18% to VND54.3 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices dipped on Friday and were set for a third straight weekly drop as investors fretted about more rate hikes by the U.S. Federal Reserve after a slew of strong economic data, Reuters reported.

Spot gold was down 0.5% at $1,828.49 per ounce. Bullion has fallen 1.9% so far this week.

Gold is considered an inflation hedge, but higher interest rates increase the opportunity cost of holding non-yielding bullion.

This week’s data showing stronger U.S. retail sales and high consumer prices “seems to be fuelling a reassessment… markets think the Fed will go into a more hawkish setting, and that is very bad for gold,” said Ilya Spivak, head of global macro at Tastylive.

Real interest rates have rebounded against this backdrop, so non-yielding gold has been down, Spivak said.

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