Gold prices dip

By Dat Nguyen   September 21, 2023 | 01:30 am PT
Gold prices dip
Gold jewelry on display at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price fell 0.14% to VND69.1 million ($2,844.79) per tael Thursday morning.

Gold ring price dropped 0.09% to VND57.95 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices retreated on Thursday as the U.S. dollar and bond yields powered higher after the Federal Reserve signaled another rate hike this year and lesser chances of monetary policy easing through 2024, Reuters reported.

Spot gold eased 0.1% to $1,927.84 per ounce, recouping some of the lost ground. U.S. gold futures shed 1% to $1,948.10.

Bullion on Wednesday hit its highest since Sept. 1 before the U.S. Fed revised its economic projections with higher-for-longer rate warnings.

"In the aftermath of the FOMC event, there have been some market jitters given the interest rate outlook. As a result, gold is still finding some buyers which is limiting the downside move, at least for the time being," said KCM Trade Chief Market analyst Tim Waterer, as cited by Reuters.

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