Monday , July 15 2024

Gold prices tumble

Saigon Jewelry Company (SJC) gold price dropped 2.63% to VND74 million ($3,049.04) per tael Saturday morning.

Gold ring price fell 0.32% to VND63.05 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices held steady on Friday as they headed towards the end of their best year since 2020 at levels comfortably above $2,000 an ounce, buoyed by hopes the U.S. Federal Reserve could cut interest rates as early as March, Reuters reported.

Spot gold was at $2,064.34 per ounce, little changed from the previous session. U.S. gold futures settled 0.6% lower at $2,071.80.

Bullion has so far risen 13% in a year that saw prices swing between lows near $1,800 and a record high of $2,135.40.

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