Tuesday , May 28 2024

Gold prices dive

SJC gold price fell 0.15% to VND67 million ($2,857.44) per tael Saturday morning.

Gold ring price plunged 0.8% to VND56.55 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices pulled back sharply on Friday after surging to a more than one-year peak in the last session, as the dollar bounced and a Federal Reserve official flagged the need for another interest rate hike, Reuters reported.

Spot gold was down 1.8% at $2,003.60 per ounce. U.S. gold futures settled 1.9% lower at $2,015.80.

Gold competes with the dollar as a safe haven amid economic or political turmoil, while gains in the U.S. currency also dim appetite for bullion among overseas buyers.

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