Gold prices ease

By Dat Nguyen   March 24, 2023 | 08:50 pm PT
Gold prices ease
Gold products seen at a jewelry shop in Hanoi. Photo by VnExpress/Ngoc Thanh
SJC gold price dropped 0.07% from Friday closing price to VND67.3 million ($2,860.79) per tael Saturday morning.

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

Globally gold dipped on Friday in a volatile week that saw bullion prices north of the key $2,000 figure as bank contagion fears bolstered both safe-haven demand and bets on a pause in Federal Reserve rate hikes, Reuters reported.

The U.S. dollar rose about 0.5%, making the greenback-priced gold more expensive among overseas buyers on Friday.

Spot gold fell 0.8% to $1,977.01 per ounce after it rose to $2,002.89 earlier in the session. U.S. gold futures slipped 0.6% to settle at $1,983.80.

A somewhat firmer dollar and a rebound in equity markets and risk appetite are probably what has driven gold lower, said Bart Melek, head of commodity markets strategy at TD Securities. But bullion was likely to get continued support from big macro developments, Melek said.

Rescue measures for struggling banks eased contagion fears earlier in the week, putting gold on course for its first weekly decline in four, down about 0.5%, despite having climbed to its highest in a year above $2,000 on Monday.

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