Gold prices decline

By Dat Nguyen   April 6, 2023 | 08:22 pm PT
Gold prices decline
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC price fell 0.07% to VND67.05 million ($2,858.67) per tael.

Gold ring price went up 0.18% to VND56.6 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally spot gold was down 0.6% to $2,009.07 per ounce, while U.S. gold futures for June delivery settled 0.5% lower at $2,026.40.

Safe-haven bullion has risen more than 2% so far this week, surpassing the key $2,000 level, as oil prices surged after the shock OPEC+ output cuts, while data showed a slower U.S. services sector and fewer job openings.

The U.S. Federal Reserve is in a bind, as higher interest rates could trigger a recession but a pause in the monetary tightening risks embedding inflation, with either scenario positive for gold, said Paul Wong, market strategist at Sprott.

"It is a long weekend for most major markets, so I would expect low volume, not meaningful price action today."

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