Gold prices dive to 3-week low

By Dat Nguyen   May 29, 2024 | 06:58 pm PT
Gold prices dive to 3-week low
Gold jewelry on display at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold price plunged 2.55% to VND88 million ($3,456.68) per tael Thursday morning.

Gold ring price dropped 0.33% to VND76.25 million per tael. A tael equals 37.5 grams or 1.2 ounces.

The State Bank of Vietnam said Wednesday that it would no longer auction gold bars but instead would sell gold bars to four state-owned lenders so they can distribute to retail buyers.

Globally spot gold fell 0.36% to $2,328.60 per ounce Thursday as the diminishing expectation of the Federal Reserve's rate cut in September exerts some selling pressure on the precious metal as it will increase gold's opportunity costs, according to financial data platform FXStreet.

In the event that the U.S. economy shows a stronger-than-expected GDP growth, this might further lift the greenback and weigh on the USD-denominated gold price, it added.

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