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Gold ring price downed 0.17% to VND57 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Analysts slightly lowered their gold forecasts for this year on the grounds zero-yield bullion would need a catalyst for another run to all-time highs, such as an interest rate cut from the Federal Reserve, a Reuters poll showed on Thursday.
The poll of 36 analysts and traders conducted through July returned median forecasts for gold at $1,950 an ounce in the third quarter of this year, $1,995 in the fourth, $1,944.5 for the full year and $1,988 in 2024.
Three months ago, a Reuters poll predicted prices would average $1,950 in 2023.
As fears of a global banking crisis receded and the U.S. debt ceiling impasse was resolved, gold , considered a hedge against political and financial turmoil, retreated by nearly 5% since its surge in early May to a few cents shy of the all-time high hit in 2020.
