Gold prices drop

By Dat Nguyen   June 14, 2023 | 08:13 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 0.22% to VND67 million ($2,848.94) per tael Thursday morning.

Gold ring price fell 0.35% to VND56.45 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices fell to a three-month low on Thursday as hints of further interest rate hikes by the U.S. Federal Reserve bolstered the dollar, Reuters reported.

Spot gold fell 0.5% to $1,933.89 per ounce, hitting its lowest since March 17. U.S. gold futures dropped 1.2% to $1,945.70.

The Fed, in new economic projections, signaled that a stronger-than-expected economy and a slower decline in inflation will result in a likely rise in borrowing costs by another half-a-percentage point by the end of this year.

"Expectations of two more rate increases have weighed on gold and prices could see more selling pressure, with next support seen at the $1,920 level," said Brian Lan, of Singapore dealer GoldSilver Central.

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