Gold prices continue to fall

By Do Huong November 20, 2022 | 07:30 pm PT

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. Photo by Reuters

Prices of gold bars branded SJC on Monday dropped VND100,000 ($4.02) from the previous day to VND67.5 million ($2,706) per tael.

Selling prices of gold rings also decreased VND100,000 to VND54.1 million per tael. A tael is equal to 37.5 grams or 1.2 ounces.

SJC gold prices are higher than the world average by some VND15.4 million per tael.

With no major economic news to drive sentiment in Asia, "traders are tentatively bullish on the dollar following hawkish comments from Fed members last week which is weighing on gold," said City Index analyst Matt Simpson, according to Reuters.

The dollar index was up 0.2%, making gold less attractive for overseas buyers.