Gold prices slip

By Dat Nguyen   June 19, 2023 | 08:49 pm PT
Gold prices slip
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 VND67 million ($2,848.64) per tael Tuesday morning.

Gold ring price dropped 0.09% to VND56.55 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices held steady on Tuesday, after moving in a tight range in holiday-thinned trading, as market participants awaited further direction from Capitol Hill testimony by U.S. Federal Reserve Chair Jerome Powell this week, Reuters reported.

Spot gold held its ground at $1,949.59 per, while U.S. gold futures fell 0.5% to $1,961.20.

"Gold prices seem exhausted lately, as intermittent bounces over the past month have failed to find much follow-through ... This comes on the back of firmer Treasury yields, which have kept a lid on the non-yielding yellow metal’s upside," IG market analyst Yeap Jun Rong said.

Investors are now focusing on Powell’s congressional testimony on Wednesday and Thursday for further guidance on interest rates following the Fed’s hawkish pause on monetary policy tightening last week.

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