Gold prices plunge to 1-month low

By Dat Nguyen   May 31, 2024 | 09:23 pm PT
Gold prices plunge to 1-month low
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bar price dropped 2.3% to VND85 million ($3,339.89) per tael, lowest since May 1.

Gold ring price fell 0.52% to VND75.7 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold slumped back into the $2,330s on Friday undoing the gains it made after the release of U.S. Personal Consumption Expenditure data for April, which showed cooling core price pressures, according to financial data platform FXStreet.

Daniel Ghali, a Senior Commodity Strategist at TD Securities said that gold demand is being driven by Asian buyers who are hoarding the precious metal as a hedge as their currencies depreciate against a strengthening U.S. dollar, it added.

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