Gold prices decline

By Dat Nguyen   March 14, 2023 | 08:48 pm PT
Gold prices decline
A person holds gold bars at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price fell 0.07% to VND66.8 million ($2,830.50) per tael Wednesday afternoon.

Gold ring price dropped 0.18% 5o VND55 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices edged up in range-bound trading on Wednesday due to a softer dollar, while investors assessed the U.S. Federal Reserve’s rate-hike trajectory after a closely-watched consumer prices report showed still-high inflation, Reuters reported.

Spot gold was up 0.1% at $1,903.64 per ounce, trading in a $6 range. Prices had briefly slipped below the key $1,900 level earlier in the session.

"Some degree of relative calm on U.S. banks and an overnight rise in Treasury yields may temporarily reduce demand for safe haven proxies" such as gold, said OCBC FX strategist Christopher Wong.

The dollar index was down 0.1%, making bullion less expensive for overseas buyers, while U.S. Treasury yields ticked higher.

"As focus shifts to the Federal Open Market Committee meeting next week, the question remains what guidance and how dots plot will evolve taking into consideration the recent development with some U.S. banks versus combating inflation," Wong said.

go to top