Gold prices fall

By Dat Nguyen   April 19, 2023 | 01:23 am PT
Gold prices fall
A person arranges gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price fell 0.22% to VND66.95 million ($2,850.75) per tael Wednesday afternoon.

Gold ring price dropped 0.26% to VND56.65 million. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices fell on Wednesday as the U.S. dollar regained some ground, while investors assessed the chances of the Federal Reserve raising interest rates just once more in May before pausing, Reuters reported.

Spot gold was down 0.6% at $1,993.99 per ounce. U.S. gold futures slid 0.8% to $2,003.30.

The dollar index was up 0.2%, making gold less affordable for buyers holding other currencies.

"Expectations are already priced in for a 25 basis-point hike, leaving much of the focus on whether a rate pause will be signalled thereafter," said Yeap Jun Rong, a market analyst at IG.

"While that may provide an anchor for gold prices, given the recent rally and overextended technical conditions, the possibility of some unwinding (in prices) upon validation of the Fed’s rate outlook may still remain on the table."

go to top