Gold prices fall

By Dat Nguyen   February 3, 2023 | 12:42 am PT
Gold prices fall
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price dropped 0.44% to VND67.5 million ($2,878.46) per tael Friday afternoon.

Gold ring price fell 0.54% to VND55.2 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Global gold prices steadied on Friday after a sharp sell-off in the previous session, as traders digested rate-hike remarks from global central banks, but the metal was set for its first weekly drop in seven amid a strong dollar, Reuters reported.

Spot gold was up 0.1% at $1,914.33 per ounce.

"With gold prices delivering a stellar performance of more than 20% over the past three months, some positioning for softer rate-hike bets could already have been at play and having found the much-needed validation from the recent FOMC meeting," said Yeap Jun Rong, a market analyst at IG.

Therefore, it may trigger some near-term profit-taking, "but for gold prices, a greater conviction for sellers could be a break below the $1,895 level, where dip-buyers were seen stepping in this week just before the meeting," the analyst added.

go to top