Wednesday , February 8 2023

Gold prices plunge

SJC gold prices plunged 0.59% to VND66.8 million ($2,816.79) per tale Wednesday afternoon.

Gold ring prices gained 0.28% to VND54.1 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Global gold prices inched lower on Wednesday from a one-week high hit in the previous session, as the dollar regained ground, making greenback-priced bullion more expensive for overseas buyers.

Spot gold fell 0.2% at $1,814.70 per ounce.

“Gold is seeing a slight pull-back after yesterday’s rally. The market is very quiet as it has entered the holiday mood,” said Ajay Kedia, director at Kedia Commodities, Mumbai.

Gold is seen as an inflation hedge, but higher interest rates raise the opportunity cost of holding bullion.

Elsewhere, data from 11 Western investment funds show that Russian bullion worth a total of $2.2 billion at current prices was removed from their accounts between July and November.

Top gold consumer China reported no new Covid-19 deaths for Dec. 20, but the nation’s fatalities were revised to 5,241 after removing one death in Beijing, the National Health Commission said.

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