Gold prices decline

By Dat Nguyen   November 18, 2023 | 12:02 am PT
Gold prices decline
A person touches gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Thanh Tung
SJC gold price fell 0.14% to VND70.7 million ($2,913.67) per tael Saturday morning.

Gold ring price dropped 0.17% to VND60.1 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices held steady on Friday but headed for their biggest weekly gain in four as the dollar and Treasury yields weakened amid growing expectations that the U.S. Federal Reserve is done with its monetary policy tightening, Reuters reported.

Spot gold was steady at $1,980.20 per ounce after rising to a two-week high earlier in the session. Prices were up about 2.2% so far this week.

U.S. gold futures settled down 0.1% at $1,984.70.

"There is a strong potential for gold to continue to rally a bit more but prices have to move a bit lower, before the next leg-up in the rally and perhaps test the $2,000 level at the same time," said Everett Millman, chief market analyst at Gainesville Coins.

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