Wednesday , February 8 2023

Gold prices drop marginally

SJC gold prices fell 0.15% to VND67 million ($2,805.70) per tael Thursday morning.

Gold ring prices gained 0.19% to VND54 million. A tael equals 37.5 grams or 1.2 ounces.

Gold prices were little changed in early Asian trade on Thursday, after bullion jumped more than 1% in the previous session following a retreat in the U.S. dollar and yields, Reuters reported.

Spot gold held its ground at $1,786.92 per ounce.

Higher interest rates tend to increase the opportunity cost of holding gold as it yields no interest.

Market participants mostly expect a 50-basis point rate hike at the Fed’s final meeting of 2022 scheduled on December 13-14.

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