Gold prices drop

By Ngan Anh   July 28, 2023 | 07:41 pm PT
Gold prices drop
A goldsmith wearing a protective face mask arranges golden bangles as the other talks to customers at a jewellery shop at the Grand Bazaar in Istanbul, Turkey, August 6, 2020. Photo by Reuters
SJC gold price downed 0.07% to VND67.2 million ($2,836.04) per tael Saturday morning.

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.

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