Gold prices hit 5-week bottom - VnExpress International

AI desk brief

Gold fell to a 5-week low in Vietnam and was little changed globally, with spot down 0.03% at $4,284.70/oz as hawkish Fed messaging pushed the U.S. dollar to two-month highs and increased expectations for at least one more rate hike this year. Saigon Jewelry Company gold bars dropped 0.76% to VND144.4 million/tael, while gold rings slipped 0.34% to VND145.8 million/tael; Vietnam gold prices are now down 5.5% year-to-date.

Zaner Metals’ Peter Grant said post-FOMC Fed commentary has been “fairly hawkish” and is pressuring bullion by lifting rate expectations and the dollar, both negative for non-yielding gold.