Tuesday , February 7 2023

Gold prices drop after 3 consecutive day hikes

After rising in 3 consecutive days, prices of gold bars branded SJC on Saturday dropped VND100,000 ($4.03) from the previous day to VND67.6 million per tael.

Selling prices of gold rings also decreased VND50,000, to VND54.05 million per tael. A tael is equal to 37.5 grams or 1.2 ounces.

SJC gold prices are higher than the world average by some VND15.5 million per tael.

According to Reuters, minutes from the U.S. Federal Reserve’ November meeting have potentially given gold an extra kick higher, enabling it to really push on from here if the data does allow for it, said Craig Erlam, senior market analyst at OANDA.

However, Kinesis Money analyst Rupert Rowling said in a note gold is now likely to continue trading sideways as investors position themselves for the middle week of December, which will first see the latest U.S. inflation figures followed by the Fed’s interest rate decision.

This year’s high interest rates have kept a leash on non-yielding gold’s traditional status as a hedge against inflation and other uncertainties.

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