Gold prices drop

Gold price fell 0.21% to VND70.6 million ($2,827.38) per tael Thursday afternoon.

Gold ring price gained 0.08% to VND59.55 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices edged higher on Thursday, buoyed by a weaker U.S. dollar and fall in Treasury yields after the Federal Reserve held interest rates steady and as investors stepped up bets that the central bank may be done with rate hikes, Reuters reported.

Spot gold was up 0.2% to $1,986.29 per ounce. U.S. gold futures gained 0.3% to $1,993.90.

Gold, used as a safe investment during times of political and financial uncertainty, rose above the key $2,000-per-ounce level last week as investors opted for bullion amid growing unrest in the Middle East.