Gold prices slip

By Dat Nguyen   December 11, 2022 | 08:49 pm PT
Gold prices slip
Gold jewelry are on display at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Gold prices dropped 0.15% to VND67.15 million ($2,848.36) per tael Monday.

Gold ring prices fell 0.18% to VND54.1 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally spot gold slipped 0.5% to $1,787.80 per ounce, dragged down by a firmer dollar, while investors positioned for key U.S. inflation data and the Federal Reserve’s rate-hike verdict due this week, Reuters reported.

"Gold could benefit if it a softer Consumer Price Index as it would raise hopes of a less aggressive Fed... A slower (rate hike) trajectory should benefit gold and see it head for the $1,824 high," said Matt Simpson, senior market analyst at StoneX.

Lower interest rates tend to boost gold’s appeal as it decreases the opportunity cost of holding the non-yielding bullion.

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