Gold prices fall marginally

By Dat Nguyen   May 29, 2023 | 08:59 pm PT
Gold prices fall marginally
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price fell 0.07% to VND66.95 million ($2,850.75) per tael Tuesday morning.

Gold ring price remained stable at VND56.55 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices traded in a narrow range on Tuesday, hovering close to a recent two-month low, as optimism over a U.S. debt ceiling deal and reduced bets for a pause in the Federal Reserve’s rate hike policy in June dented the metal’s appeal, Reuters reported.

Spot gold was flat at $1,945.19 per ounce. U.S. gold futures were listless at $1,944.10.

U.S. President Joe Biden said on Monday he feels good about prospects for passage by Congress of the debt ceiling deal that he reached with House of Representatives Speaker Kevin McCarthy.

The high volatility events such as the U.S. regional banking crisis, and whether or not an agreement would be reached on raising the U.S. debt ceiling are now passing, "reducing the markets interest in gold as investors seek alpha," Michael Langford, director at corporate advisory AirGuide said.

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