Gold prices fall

By Dat Nguyen   February 15, 2023 | 08:24 pm 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 0.07% to VND67.15 million ($3,791.35) per tael Thursday morning.

Gold ring price went up 0.09% to VND54.45 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices regained some ground on Thursday as the U.S. dollar pulled back, although prospects of more interest rate hikes by the Federal Reserve kept investors on edge, Reuters reported.

Spot gold was up 0.3% at $1,840.94 per ounce after hitting its lowest level since early January on Wednesday.

Higher interest rates discourage investment in non-yielding gold, although it is considered a hedge against soaring prices.

"Though the recent positive U.S. economic releases and a firm U.S. dollar continue to put pressure on the safe-haven status of gold, there are chances of a mild technical bounce-back as prices dipped to multi-week lows," said Hareesh V, head of commodity research at Geojit Financial Services.

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