Gold price declines

By Dat Nguyen   May 31, 2023 | 08:56 pm PT
Gold price declines
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price fell 0.07% to VND67 million ($2,853.49) per tael Thursday.

Gold ring price remained stable at VND56.7 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices held steady on Thursday, supported by a pullback in the dollar, although prices moved in a tight range as investors gauged the Federal Reserve’s interest rate outlook following a critical vote on the U.S. debt ceiling, Reuters reported.

Spot gold held its ground at $1,963.99 per ounce. U.S. gold futures were flat at $1,963.90. Bullion registered a monthly fall in May.

The dollar index eased from its highest in more than two months, making bullion less expensive for overseas buyers.

Investors gave a muted welcome to the U.S. House of Representatives passing a bill, which would suspend the government’s borrowing limit and avert default, with market focus now turning to the Senate and the interest rate outlook.

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