Gold prices tick down

By Dat Nguyen   September 25, 2023 | 08:40 pm PT
Gold prices tick down
Gold jewelry on display at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price fell 0.22% to VND68.8 million ($2,815.92) per tael Tuesday morning.

Gold ring price dropped 0.09% to VND57.75 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, spot gold slipped 0.1% to $1,914.61 per ounce, while U.S. gold futures fell 0.2% to $1,933.30.

The dollar hit a 10-month high, while benchmark 10-year Treasury yields continued their ascent to a fresh 16-year peak.

Higher interest rates weigh on non-interest-paying bullion, which is priced in dollars.

The European Central Bank’s record high deposit rate could help cut inflation to 2%, ECB President Christine Lagarde said on Monday, repeating the bank’s guidance that neither promises nor rules out further rate hikes.

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