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Gold prices dip further after two-month low

By Quynh Trang   September 27, 2022 | 09:12 pm PT
Gold prices dip further after two-month low
A person holds a gold ring at a jewelry store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Vietnam gold prices continued to fall Wednesday after hitting a two-month low as the precious metal faces pressure from the surging U.S. dollar.

Saigon Jewelry Company (SJC) sold its gold at VND64.5 million ($2,716) per tael in the morning, down 1.68% from Tuesday.

Other companies also let prices slide down by roughly the same rate.

Global gold price has gone down 0.31% this week to $1,625 per ounce as the USD Index has gone up nearly 0.4% in a single day.

Also global gold price improved slightly Tuesday, "it was just a little bit of a recovery after some of the extreme weakness seen over recent days," said Ryan McKay, commodity strategist at TD Securities.

He told CNBC that the rebound did not show really fundamental change taking place in the gold market.

 
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