Gold prices drop

By Dat Nguyen   December 29, 2022 | 09:08 pm PT
Gold prices drop
A person holds gold bars at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold prices fell 0.3% to VND66.5 million ($2,820.79) per tael Friday morning.

Gold ring prices remained at VND53.85 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Global spot gold was up 0.2% to $1,818.64 per ounce, headed for a second straight yearly loss as aggressive rate hikes by the U.S. Federal Reserve dented the non-yielding bullion’s appeal, Reuters reported.

"For most of the year, gold was under pressure from a hawkish Fed. But by the end of the year, it saw some recovery and got a lifeline on expectations that the Fed might slow down," said Ilya Spivak, head of global macro at Tastytlive.

Bullion was headed for an annual decline of 0.6% as the dollar emerged as the preferred safe-haven asset amid the Fed’s hefty interest rate hikes. The dollar index eyed its best year since 2015, making gold expensive for foreign currency holders.

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