Gold prices drop

Selling prices of gold rings also decreased VND100,000 to VND54.2 million per tael.

SJC gold prices are higher than the world average by some VND14.9 million per tael.

Globally, gold prices were bound for a weekly dip following indications from U.S. Federal Reserve officials that more interest rate hikes were due as the bank seeks to lower inflation, Reuters said.

The slight pullback in gold after the recent rally has been through a technical retracement in the gold market, according to David Meger, director of metals trading at High Ridge Future.

The pullback could continue going into next week’s December option expiration, which could cause a further consolidation in gold, Meger said, adding the market overall seems focused on interest rate expectations from the Fed.