Monday , January 30 2023

Gold prices fall marginally

SJC gold prices fell 0.07% to VND66.9 million ($2,854) per tael Thursday afternoon.

Gold ring prices dropped 0.09% to VND54.5 million. A tael equals 37.5 grams or 1.2 ounces.

Global gold prices rose on Thursday, supported by a softer dollar, while market participants awaited U.S. inflation data that could influence the Federal Reserve’s policy path, Reuters reported.

Spot gold was up 0.4% at $1,883.00 per ounce.

The dollar index wobbled near a seven-month low, while benchmark U.S. 10-year Treasury yields also fell. A weaker dollar makes greenback-priced bullion more appealing to other currency holders.

“Gold prices are very well-supported as the dollar has weakened. However, on a technical front, bullion is seeing some resistance around $1,880 levels, and thus, it has been consolidating in a range since few days,” said Ajay Kedia, director at Kedia Commodities, Mumbai.

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