Gold prices drop

Gold ring price dropped 0.46% to VND54.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Global sport gold was down 0.2% at $1,868.85 per ounceas the U.S. dollar witnessed an uptick, with traders largely focusing on Federal Reserve Chair Jerome Powell’s speech for insights into the central bank’s rate hike path, Reuters reported.

The event comes against the backdrop of Fed policymakers saying this week’s inflation data will help them decide whether they can slow the pace of rate hikes at their upcoming meeting, to just a quarter point increase.

The dollar index firmed 0.1% after hitting a seven-month low in the previous session. A stronger dollar makes bullion expensive for other currency holders.