Gold prices decline

By Dat Nguyen   November 8, 2023 | 09:33 pm PT
Gold prices decline
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price fell 0.14% to VND70.2 million per tael Thursday morning.

Gold ring price dropped 0.34% to VND59.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices lingered near a three-week low on Thursday as the initial safe-haven demand from the Middle East conflict faded, while investors awaited comments from U.S. Federal Reserve Chair Jerome Powell for more clues on interest rates, Reuters reported.

Spot gold was down 0.1% at $1,948.39 per ounce after hitting its lowest since Oct. 19 on Wednesday. U.S. gold futures fell 0.2% to $1,953.50.

"He’ll (Powell) probably try and maintain the higher-for-longer narrative because it’s not within their interest to admit to markets that cuts might be coming," City Index senior analyst Matt Simpson said.

"Gold would have the potential to retest and break above $2,000, but now is not the time."

Gold prices rose above the key $2,000-per-ounce level last week after escalating tensions in the Middle East lifted demand.

go to top