Golden inches below | Asia Retail News

SJC gold fell 0.22% to VND67.15 million ($2,855.14) per tael on Wednesday morning.

The price of a gold ring fell 0.53% to VND55.5 million per tael. A tel equals 37.5 grams or 1.2 ounces.

Global gold prices rose on Wednesday as the dollar weakened as investors closely watched the US Federal Reserve’s interest rate decision and policy outlook, Reuters reported.

Spot gold rose 0.2% to $1,942.96 an ounce.

Gold has traditionally been seen as a hedge against inflation, but higher rates increase the opportunity cost of holding the unprofitable asset.

The dollar index fell slightly, making bullion less expensive for buyers holding other currencies.

Markets will also take stock of UK inflation data for February, which is also due on Wednesday ahead of the Bank of England’s monetary policy decision on Thursday.

U.S. Treasury Secretary Janet Yellen told bankers on Tuesday that she is ready to protect depositors at smaller U.S. banks, which are suffering from an outflow of deposits that threatens to contagion further amid the worst turmoil in the financial system in a decade.

https://www.retailnews.asia/gold-inches-lower/?utm_source=rss&utm_medium=rss&utm_campaign=gold-inches-lower Golden inches below | Asia Retail News

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