Gold prices drop

By Dat Nguyen   October 23, 2023 | 08:37 pm PT
Gold prices drop
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price fell 0.14% to VND70.7 million ($2,879.48) per tael Tuesday morning.

Gold ring price was stable at VND59 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices edged higher on Tuesday as benchmark U.S. Treasury yields pulled back after crossing above 5% in the last session, while investors awaited economic data due later in the week to gauge the outlook for U.S. monetary policy, Reuters reported.

Spot gold was up 0.1% at $1,973.69 per ounce, while U.S. gold futures eased 0.1% to $1,985.10.

The yield on the benchmark 10-year U.S. Treasury note declined after briefly rising above 5.0% on Monday, hitting the July 2007 milestone and further threatening an economic slowdown on higher borrowing costs.

High interest rates increase the opportunity cost of holding gold, which does not bear any interest.

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