Wednesday , May 29 2024

Gold prices dip


SJC gold price fell 0.3% to VND67 million ($2,841.39) per tael Tuesday afternoon.

Gold ring price gained 0.18% to VND55.15 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices slipped on Tuesday from a more than five-week high, but held just above the key $1,900 level as expectations grew that the U.S. Federal Reserve would dial back its rate hikes after the collapse of two big regional banks, Reuters reported.

Spot gold was down 0.6% at $1,901.91 per ounce after rising more than 2% on Monday to hit its highest since Feb. 3.

“As the risk environment attempts to stabilise, any less-hawkish rate bets will likely have to seek validation from the upcoming U.S. CPI release, that may trigger some profit-taking into today’s session,” said Yeap Jun Rong, a market analyst at IG.

U.S. officials have announced several measures to limit the fallout from the now-shuttered Silicon Valley Bank, the largest bank failure since the 2008 financial crisis, and restore investor confidence in the banking system. Regulators closed New York-based Signature Bank on Sunday.

Markets are now pricing in a 69.6% chance of a 25 basis-point rate hike at next week’s Fed policy meeting.

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