Gold prices dip

By Dat Nguyen   January 16, 2024 | 10:45 pm PT
Gold prices dip
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold price dropped 0.39% to VND76.15 million ($3,103.10) per tael Wednesday morning.

Gold ring price fell 0.47% to VND63.8 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold price fell 0.09% to $2,025 per ounce Wednesday as the ongoing U.S. dollar demand and higher U.S. Treasury yields drag the yellow metal lower, according to financial data platform FXStreet.

The U.S. Dollar Index, an indicator of the dollar's value relative to a group of currencies from major U.S. trading partners, continues to climb, reaching new highs for the year beyond the 103.30 level. Meanwhile, U.S. Treasury yields are on the rise, with the yield on the 10-year note reaching 4.05%.

Traders will keep an eye on the Chinese economic data and attention will shift to the December US Retail Sales, due later on Wednesday.

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