Gold prices fall

Gold ring price dropped 0.18% to VND56.45 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold traded in a narrow range on Wednesday as traders refrained from making big bets ahead of Federal Reserve Chairman Jerome Powell’s congressional testimony, which could offer further insight into the central bank’s interest-rate hike plan, Reuters reported.

Spot gold was almost unchanged at $1,936.99 per ounce. U.S. gold futures too were little changed at $1,948.20.

Powell’s congressional testimonies due on Wednesday and Thursday will be scanned for U.S. interest rate outlook.

Two Federal Reserve policymakers and an economist nominated to join them on the Fed’s Washington-based board on Tuesday said their focus is on bringing down too-high inflation so that the U.S. economy can get back to sustainable growth.