Gold prices fall

By Dat Nguyen   July 30, 2023 | 08:13 pm PT
Gold prices fall
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price dropped 0.15% to VND67.25 million ($2,838.81) per tael Monday morning.

Gold ring price fell 0.09% to VND57.05 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices were bound to post their biggest monthly rise in four on Monday, helped by growing expectations that major central banks may be nearing the end of current monetary policy tightening cycles in their fight to rein in inflation, Reuters reported.

Spot gold was down 0.2% at $1,956.02 per, while U.S. gold futures slipped 0.3% to $1,955.40 per ounce.

Gold prices are set to end the month about 2% higher, the most since March, as expectations that U.S. interest rates could be nearing their peak sent the dollar on track for its second straight monthly decline.

Higher interest rates discourage the buying of non-interest-paying bullion, which is priced in dollars.

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