Gold prices decline slightly

By Minh Nga   October 10, 2023 | 07:35 pm PT
Gold prices decline slightly
A seller presents a golden ring in HCMC. Photo by VnExpress/Quynh Tran
SJC gold price dropped 0.07% to VND69.75 million (US$2,864.12) per tael on Tuesday morning.

Gold ring price downed 0.08% to VND57.3 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices held near their highest levels in more than a week on Wednesday as comments from U.S. Federal Reserve officials suggested that a recent surge in Treasury yields might reduce the need for more rate hikes, sending the dollar lower, according to Reuters.

Spot gold was up 0.1% at $1,860.97 per ounce by 0136 GMT, having hit its highest level since Sept. 29 on Tuesday. U.S. gold futures held their ground at $1,874.50.

Bloomberg said Wednesday that a slump in gold prices to a seven-month low in India may stimulate demand in the current festive season, when people traditionally buy more coins and ornaments.

Strong purchases during the October-December festival period, considered an auspicious time to own and wear gold, may underpin the global market.

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