Gold prices drop

By Dat Nguyen   July 23, 2023 | 07:44 pm PT
Gold prices drop
Gold coins are seen at a shop in Hanoi. Photo by VnExpress/Ngoc Thanh
SJC gold price dropped 0.07% to VND67.05 million ($2,833.00) per tael Monday morning.

Gold ring price was stable at VND56.85 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices edged up in early Asian trading on Monday, as investors awaited a key U.S. Federal Reserve meeting that could see the central bank pausing interest rate hikes after July, Reuters reported.

Spot gold rose 0.051to $1,961.27 per ounce. Bullion gained nearly 0.3% last week.

U.S. gold futures fell 0.2% to $1,963.10.

The dollar index was steady, holding near its over one-week peak hit on July 20, limiting gold's rise, as a stronger dollar makes the metal more expensive for holders of other currencies.

Higher interest rates increase the opportunity cost of holding non-yielding bullion.

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