Gold price drops further

By Dat Nguyen   May 16, 2023 | 08:16 pm PT
Gold price drops further
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price continued to fall by 0.07% to VND67.1 million ($2,861.41) per tael Wednesday morning.

Gold ring price fell 0.44% to VND57.2 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices held steady in early Asian trade on Wednesday after retreating from the key $2,000-an-ounce mark in the previous session, while investors kept their eyes peeled for an outcome from the U.S. debt-limit negotiations, Reuters reported.

Spot gold held its ground at $1,992.19 per ounce. U.S. gold futures edged 0.1% higher to $1,995.40.

U.S. President Joe Biden and top congressional Republican Kevin McCarthy edged closer to a deal to avoid a looming U.S. debt default, as the threat of an economic nightmare prompted Biden to cut short an Asia trip this week.

The dollar index, a measure of the greenback’s value against six major currencies, held firm.

A stronger dollar weighs on overseas demand for greenback-priced gold, while higher rates blunt non-yielding bullion’s appeal.

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