Tuesday , February 7 2023

Gold prices slip again


Prices of gold bars branded SJC on Tuesday decreased 0.2% from the previous day to VND67.2 million ($2,714) per tael.

Selling prices of gold rings remained remained unchanged at VND54 million per tael. A tael is equal to 37.5 grams or 1.2 ounces.

Gold prices were flat in early Asian trade on Tuesday after declining about 1% in the previous session as U.S. Federal Reserve officials signalled that interest rates would remain high to bring down inflation.

Gold is sensitive to rising interest rates as they increase the opportunity cost of holding the non-yielding asset.

Spot gold was flat at $1,741.13 per ounce, as of 0007 GMT. U.S. gold futures were little changed at $1,739.60, according to Reuters.

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