Gold edges lower

By Dat Nguyen   March 29, 2023 | 08:59 pm PT
Gold edges lower
A person arranges gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price dropped 0.3% to VND66.95 million ($2,851.97) per tael Thursday.

Gold ring price fell 0.18% to VND55.85 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices declined on Thursday as easing concerns about the global banking system fed risk appetite and curbed some safe-haven bullion bids, Reuters reported.

Spot gold was down 0.2% at $1,960.52 per ounce, falling for a second session. U.S. gold futures slipped 0.4% to $1,977.00.

The dollar index was 0.1% higher, making bullion less affordable for buyers holding other currencies, while Asian stocks rose.

"In the short term, profit-taking as well as reduced fears of further contagion among banks should see the gold price continue to decline back towards $1,920/oz," said Michael Langford, director at corporate advisory firm AirGuide.

Gold rose above the $2,000 mark after the sudden collapse of two U.S. lenders earlier this month, but has since ceded gains as authorities stepped in with rescue measures, including UBS’ takeover of ailing Credit Suisse and First Citizens BancShares’ deal to buy failed Silicon Valley Bank.


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