Gold prices drop

By Dat Nguyen   June 12, 2023 | 08:52 pm PT
Gold prices drop
Gold jewelry on display at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price fell 0.07% to VND67.05 million ($2,853.55) per tael Tuesday morning.

Gold ring price declined by 0.09% to VND56.55 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold was steady on Tuesday, although prices moved in a tight range as traders awaited U.S. inflation data due later in the day and the Federal Reserve’s policy decision amid expectations of a pause in the central bank’s rate hike trajectory.

Spot gold held its ground at $1,956.30 per ounce. U.S. gold futures held steady at $1,970.80.

"The market is waiting for the U.S. CPI and FOMC meeting to provide a clearer direction on gold price. (However) there is a lack of catalyst for gold to outperform other asset classes regardless of U.S. Fed policy decision making," said Michael Langford, director at corporate advisory firm AirGuide.

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