Sun, 23rd Jun 2024 08:58 (GMT +7)

Gold price drops

Tuesday, 21/05/2024 | 15:14:58 [GMT +7] A  A

Saigon Jewelry Company gold price fell 0.55% to VND90.5 million ($3,555.01) per tael Tuesday morning.

Gold price drops
A person arranges gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran

Gold ring price dropped 0.23% to VND77.25 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Gold price loses its recovery momentum on Tuesday after reaching a record high earlier, according to financial data platform FXStreet.

Spot gold fell 0.52% to $2,413.20 per ounce as of 10:57 a.m.

The lack of fresh catalysts in a quiet session in terms of top-tier economic data might limit the precious metal’s upside, the platform said.

Nonetheless, the renewed gold demand is bolstered by higher bets on interest rate cuts from the U.S. Federal Reserve (Fed), ongoing geopolitical tensions, and the strong demand stemming from central banks and Asian buyers, it added.

Source: VnExpress