Monday , April 22 2024

Gold prices plunge to 2-month low

SJC gold prices plunged 0.44% to VND66.7 million per tael ($2,837.09) Thursday afternoon, lowest since early October.

Gold ring prices dropped 0.55% to VND53.9 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Global spot gold slipped 0.9% to $1,791.71 per ounce after U.S. Federal Reserve Chair Jerome Powell said more interest rate hikes would come next year, Reuters reported.

Powell said that a higher cost would be paid if the central bank does not get a firmer grip on inflation.

A hawkish Fed is weighing on the bullion market and gold’s outlook hinges on how much more tightening central banks, in particular the Fed, plan to do from here, said OCBC FX strategist Christopher Wong.

“Broadly into 2023, I still favour gold to trade higher but near term into end-year, I won’t rule out any profit-taking or pullback in prices.”

Gold is traditionally considered an inflation hedge but higher interest rates dim bullion’s appeal by increasing the opportunity cost of holding the non-yielding metal.

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