Thursday , June 13 2024

Gold prices dip further after two-month low

Vietnam gold prices continued to fall Wednesday after hitting a two-month low as the precious metal faces pressure from the surging U.S. dollar.

Saigon Jewelry Company (SJC) sold its gold at VND64.5 million ($2,716) per tael in the morning, down 1.68% from Tuesday.

Other companies also let prices slide down by roughly the same rate.

Global gold price has gone down 0.31% this week to $1,625 per ounce as the USD Index has gone up nearly 0.4% in a single day.

Also global gold price improved slightly Tuesday, “it was just a little bit of a recovery after some of the extreme weakness seen over recent days,” said Ryan McKay, commodity strategist at TD Securities.

He told CNBC that the rebound did not show really fundamental change taking place in the gold market.

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