Thursday , June 20 2024

Gold prices edge down

SJC gold price dropped 0.07% to VND67.1 million ($2,851.68) per tael Saturday morning.

Gold ring price lost 0.18% to VND56.55 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices were choppy on Friday as investors juggled a hawkish Federal Reserve outlook on interest rates, which offset support from the dollar’s overall retreat this week, Reuters reported.

Spot gold edged up 0.1% to $1,958.83 per ounce, en route to a 0.1% weekly dip. U.S. gold futures settled nearly unchanged at $1,971.20.

“This is tough for gold because you have stocks that are continuing to rise and more hawkish Fed speak,” said Edward Moya, senior market analyst at OANDA.

“It appears that the markets are confident that the Fed is almost done with tightening because everyone’s going into stocks… which is dampening demand for safe havens.”

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