Gold prices decline

By Dat Nguyen   July 26, 2023 | 03:02 am PT
Gold prices decline
A person tries on gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price fell 0.22% to VND67.1 million ($2,833.91) per tael Wednesday morning.

Gold ring price gained 0.09% to VND57.05 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold struggled for momentum on Wednesday as traders refrained from making big bets ahead of the U.S. Federal Reserve’s policy decision due later in the day, Reuters reported.

Spot gold inched 0.1% lower to $1,963.59 per ounce, while U.S. gold futures edged 0.1% higher to $1,965.30.

"Broader markets are looking for an extended rate pause through the rest of the year, while Fed officials could push back by leaving the door open for one more hike in September or November," said Yeap Jun Rong, a market strategist at IG.

While most traders see rates holding in the 5.25%-5.5% range in 2023, 35% see a chance for another 25 basis-point hike in November, according to CME’s Fedwatch tool.

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