Wednesday , February 28 2024

Gold prices hit 7-week low

SJC gold prices dropped 0.22% to VND66.9 million ($2,786.34) per tael Tuesday morning, lowest since October 15.

Gold ring prices fell 0.73% to VND54 million.

Global spot gold was up 0.4% at $1,775.69 per ounce, helped by a slight pullback in the U.S. dollar, which makes the greenback-priced bullion less expensive for buyers holding other currencies, Reuters reported.

“With market participants trying to seek clarity on the Federal Reserve’s rate hike, rate expectations have been sensitive to incoming economic data,” said IG Market strategist Yeap Jun Rong.

“Signs of stronger-than-expected demand may lead markets to revisit more hawkish expectations.”

Market participants currently expect a 91% chance of a 50 basis points (bps) hike in the Fed’s policy meeting next week.

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