Gold prices slip

By Dat Nguyen   August 1, 2023 | 08:23 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 0.15% to VND67.25 million ($2,832.77) per tael Wednesday morning.

Gold ring price declined by 0.18% to VND56.95 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices edged higher on Wednesday as the U.S. dollar and Treasury yields were bogged down after Fitch downgraded the country’s credit rating, souring confidence in the economy ahead of key data due this week, Reuters reported.

Spot gold was up 0.2% at $1,948.43 per ounce, while U.S. gold futures rose 0.3% to $1,985.60.

The U.S. dollar index and benchmark 10-year Treasury yields dropped after rating agency Fitch downgraded the U.S. government’s top credit rating, citing fiscal deterioration over the next three years and growing general government debt burden.

Gold, which is priced in dollars, is a favoured safe-haven investment in times of stress and economic uncertainty.

U.S. central bankers expressed hope they can beat inflation without cratering the job market, though they also said doing so will require keeping rates high for some time.

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