Gold prices' downtrend persists into Wednesday afternoon

By Minh Hieu   March 13, 2024 | 12:20 am PT
Gold prices' downtrend persists into Wednesday afternoon
A person holds gold bars at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold bar price fell a further 0.62% to VND80.5 million (US$3,262.42) per tael Wednesday afternoon after losing 1.8% in the morning.

Gold bar price was reduced four times this morning following the global gold price decline, closing at VND81 million per tael at noon. A tael equals 37.5 grams or 1.2 ounces.

In total, gold bar price has gone down VND2 million, or 2.42%, from the previous day.

SJC gold ring price was also slashed multiple times to VND68.5 million, down 2.49% from Tuesday.

In the global market, spot gold was little changed at $2,157.88 per ounce, as of 0438 GMT. U.S. gold futures fell 0.1% to $2,163.20.

Gold's latest price drop comes as everything falls back to the inflation data, that feeds through into U.S.

Fed's decision making, Michael Langford, Reuters quoted chief investment officer at Scorpion Minerals Ltd as saying.

Langford expects a healthy correction of up to about 10% in gold prices from here.Bullion fell 1.1% on Tuesday, after data showed U.S. consumer prices increased solidly in February, above forecasts and suggesting some stickiness in inflation.

This was gold's worst single-day declinesince Feb. 13, when data showed consumer prices also increased more than expected in January.

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