Gold drops as traders cash in earlier gains
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.
People at a gold shop in Hai Bà Trưng District, Hà Nội. — VNA/VNS Photo
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.
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