Gold drops as traders cash in earlier gains
Thursday’s morning trading session (March 15) saw SJC gold bars dropping to nearly, even below the VNĐ80 million (US$3238) per tael mark as gold rings dropped to the VNĐ66.8 - 68.5 million range, after several days of rapid price hikes.
Domestic gold prices reported a minor gain this morning as global prices picked up as investors hope that the US Federal Reserve will likely announce interest rate cuts in June.
Thursday’s morning trading session saw prices for SJC gold bars increase to VNĐ78,9-81 million (US$3,197-3,280) while gold rings increase to VNĐ67,93-69,43 million ($2,756-2,814), gaining VNĐ400,000 to VNĐ900,000 per tael compared to yesterday when prices were reported to experience a sharp drop.
Experts said it could be attributed to gold traders cashing in their earlier gains on gold bars and rings with most gold shops reporting a significant amount of gold sold across all trading systems in the last 24 hours. — VNS
