Gold prices fall to 3-month low

By Dat Nguyen   June 3, 2024 | 10:46 pm PT
Gold prices fall to 3-month low
An employee of Agribank arranges gold bullion. Photo by VnExpress/Giang Huy
Saigon Jewelry Company gold bar prices dropped 1.25% to VND78.98 million ($3,107.00) per tael Tuesday morning, a three-month low.

This means market price is now the same as the state-owned banks rate and is lowest since Feb. 27.

Gold ring price rose 0.13% to VND75.1 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally spot gold fell 0.12% to $2,347.70 per ounce.

The U.S. Federal Reserve is set to cut interest rates later this year, bolstered by disappointing U.S. macro data on Monday, according to financial data platform FXStreet.

This, in turn, drags the U.S. dollar to a near two-month low and should continue to act as a tailwind for the non-yielding yellow metal, it added.

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