Gold prices dip

By Dat Nguyen October 31, 2023 | 10:36 pm PT

A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran

SJC gold price dropped 0.28% to VND70.6 million ($2,871.67) per tael Wednesday morning.

Gold ring price fell 0.50% to VND59.4 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices started November lower on Wednesday as cautious investors awaited U.S. Federal Reserve’s policy decision, after the Middle-East worries led to a strong safe-haven rally last month and pushed prices above $2,000, Reuters reported.

Spot gold fell 0.2% to $1,979.71 per ounce and U.S. gold futures dropped 0.3% to $1,988.70.

Spot gold posted a 7.3% jump in October after prices accelerated over the $2,000 threshold last week from their lowest in seven months at $1,809.50 on Oct. 6, a day before Hamas’ attack on Israel.

Market focus is on the outcome of the Fed’s two-day monetary policy meeting concluding later in the day, followed by the U.S. monthly jobs report on Friday.

Gold prices near record highs could dampen demand in India during the peak festival season and lead to the lowest purchase volumes in three years, the World Gold Council (WGC) said on Tuesday.