Thu, 25th Jul 2024 01:05 (GMT +7)

Gold prices drop marginally

Friday, 10/02/2023 | 15:20:21 [GMT +7] A  A

SJC gold price inched down 0.07% to VND67.3 million ($2,853) per tael Friday morning.

Gold prices drop marginally
A customer looks at a gold ring at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran

Gold ring price dropped 0.36% to VND54.75 millon per tael. A tael equals 37.5 grams or 1.2 ounces.

Global gold prices edged lower on Friday and were headed for a second straight weekly fall, as investors remained wary of impending interest rate hikes by the U.S. Federal Reserve to tame high inflation, Reuters reported.

Although gold is seen as an inflation hedge, higher rates tend to dull the appeal of bullion, which pays no interest.

Spot gold was down 0.1% at $1,859.70 per ounce, as of 0324 GMT. For the week so far, the metal was down 0.3%.

Last week’s stronger-than-expected U.S. job numbers have contributed to expectations that the Fed will end up concluding its rate-hike cycle above 5%, while rate-cut expectations for the second half of this year have evaporated and driven gold lower, said Ilya Spivak, head of global macro at Tastylive.

Source: VnExpress