Gold prices down

By Dat Nguyen   May 16, 2023 | 01:11 am PT
Gold prices down
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price fell 0.15% to VND67.15 million ($2,863.54) per tael Tuesday afternoon.

Gold ring price dropped 0.17% to VND57.45 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Gold prices fell on Tuesday as the dollar firmed and traders positioned for the outcome of the U.S. debt ceiling talks, which has kept investors on the edge, Reuters reported.

Spot gold was down 0.7% at $2,006.39 per ounce, while U.S. gold futures shed 0.5% to $2,011.70.

A slight recovery in the U.S. dollar and profit-booking ahead of the debt limit outcome has resulted in selling pressure in gold today, said Hareesh V, research head at Geojit Financial Services.

However, prices are still hovering above the psychological level of $2,000 an ounce, opening the door for a bounce back, he added.

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