Gold prices decline

By Dat Nguyen   January 3, 2024 | 09:34 pm PT
Gold prices decline
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company (SJC) gold bar price fell 0.66% to VND75 million ($3,075.66) per tael Thursday morning.

Gold ring price dropped 0.39% to VND62.9 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices sank on Wednesday, weighed down by rising Treasury rates and the U.S. dollar, according to financial data platform DailyFX.

In recent sessions, bond yields have seen a significant increase, with the yield on the 10-year note nearing the important 4.0% mark, a notable rise from its position under 3.80% last month.

Meanwhile, gold has experienced a decline of over 2.7% from its peak in late December. This shift comes as investors adopt a more guarded stance, anticipating that the overly optimistic market conditions and enthusiastic reactions following the Federal Reserve's policy change might lead to a market turnaround in early 2024.

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