Gold prices drop

By Dat Nguyen   December 26, 2022 | 10:31 pm PT
Gold prices drop
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold prices fell 0.15% to VND66.8 million per tael Tuesday morning.

Gold ring prices gained 0.19% to VND53.95 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Global spot gold was up 0.4% at $1,804.71 per ounce as a dip in the dollar made U.S. currency-priced bullion less expensive for overseas buyers, although trading was thin after the long Christmas weekend, Reuters reported.

The dollar eased 0.2% while risk sentiment found support amid China’s relaxation of quarantine rules, which is currently helping gold prices, said OCBC FX strategist Christopher Wong.

Top gold consumer China will stop requiring inbound travellers to go into quarantine starting from Jan. 8, the National Health Commission said in a major step towards easing curbs on its borders, which have been largely shut since 2020.

Gold has risen nearly $200 since falling to a more than two-year low in late September as expectations about slower rate rises from the U.S. Federal Reserve dimmed the dollar’s allure.

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