Gold prices drop

By Dat Nguyen   January 29, 2023 | 06:55 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 price dropped 0.29% to VND68 million ($2,898.55) per tael Monday morning.

Gold ring price fell 0.53% to VND56.1 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Gold prices held steady in early Asian hours on Monday, with investors awaiting the U.S. Federal Reserve’s rate-hike verdict due this week, Reuters reported.

Spot gold was little changed at $1,928.32 per ounce.

Traders are eyeing the Fed’s policy meeting scheduled on Jan. 31-Feb. 1. The market broadly expects the U.S. central bank to scale back rate hikes to 25 basis points (bps) from 50 bps announced in December.

Gold, which pays no interest, tends to benefit when interest rates are low as it reduces the opportunity cost of holding bullion.

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