Gold inches lower
SJC gold price dropped 0.22% to VND67.15 million ($2,855.14) per tael Wednesday morning.
Gold ring price fell 0.53% to VND55.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally gold prices edged higher on Wednesday as the dollar eased, while investors kept a close watch on the U.S. Federal Reserve’s interest rate decision and policy outlook, Reuters reported.
Spot gold was up 0.2% at $1,942.96 per ounce.
Gold is traditionally considered a hedge against inflation, but higher rates increase the opportunity cost of holding the non-yielding asset.
The dollar index was down slightly, making bullion less expensive for buyers holding other currencies.
Markets will also take stock of the February UK inflation data, 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 prepared to protect depositors in smaller U.S. banks suffering deposit runs that threaten more contagion amid the worst financial system turmoil in over a decade.