Gold prices slip

By Dat Nguyen   June 22, 2023 | 10:41 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 dropped 0.07% to VND67 million ($2,848.76) per tael Friday morning.

Gold ring price fell 0.27% to VND56.3 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices on Friday were on track for their biggest weekly loss since February, as prospects of additional interest rate hikes by the U.S. Federal Reserve this year supported the dollar, pushing zero-yield bullion to an over three-month low, Reuters reported.

Spot gold ticked down 0.1% to $1,911.32 per ounce, and was down 2.4% for the week. U.S. gold futures edged lower 0.1% to $1,921.20.

The dollar index held firm, set for a weekly gain, making gold less attractive for overseas investors.

"Gold has extended lower out of the range that it was occupying for a few weeks, suggesting there is more weakness ahead. The decline matches up with the upshift in yields, reflecting hawkish comments from Powell & Fed officials more generally," Ilya Spivak, head of global macro at Tastylive.

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