Gold prices drop slightly

SJC gold price fell 0.15% to VND67.5 million ($2,813.20) per tael Wednesday morning.

Gold ring price gained 0.09% to VND56.75 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices were flat on Wednesday, a day after breaching the key $1,900 support level on strong U.S. consumer spending data fuelling speculation that the Federal Reserve was not done with its interest rate hiking cycle, Reuters reported.

Spot gold was flat at $1,900.90 per ounce, while U.S. gold futures eased 0.1% to $1,933.

Gold on Tuesday dropped to as low as $1,895.50 an ounce, its weakest level since end-June, as benchmark 10-year U.S. Treasury yields hit an almost 10-month high, making them more attractive than non-interest bearing bullion.

U.S. retail sales increased more than expected in July, suggesting the economy continued to expand early in the third quarter while keeping a recession at bay.