Gold prices fall to 7-day low

By Dat Nguyen   October 25, 2023 | 01:09 am PT
Gold prices fall to 7-day low
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price fell 0.42% to VND70.3 million per tael Wednesday afternoon, lowest since Oct. 18.

Gold ring price dropped 0.08% to VND58.85 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices climbed on Wednesday on softer U.S. Treasury yields, but lacked impetus to rise further as bullion’s safe-haven demand showed signs of fatigue after global leaders sought to prevent the Israel-Hamas war from spreading.

Spot gold gained 0.3% to $1,975.61 per ounce, having declined in the previous two sessions and trading below five-month highs hit last week. U.S. gold futures were steady at $1,986.70.

"Gold had a great run, having rallied over 10% in ten days towards that key resistance level at $2,000. But every move needs a pause, and we’ve reached that phase," City Index’s senior analyst Matt Simpson said.

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