Gold prices ease

By Dat Nguyen   March 31, 2023 | 06:54 pm PT
Gold prices ease
Gold jewelry are put on display at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price dropped 0.07% to VND67 million ($2,855.32) per tael Saturday morning.

Gold ring price fell 0.18% to VND55.95 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices were on track for a second straight quarterly rise on Friday, as growing bets that the U.S. Federal Reserve will slow the pace of interest rate hikes drew investors to the metal.

Spot gold was down 0.6% at $1,968.25 per ounce after prices moved as much as 0.4% higher following data that showed U.S. consumer spending rose modestly in February. U.S. gold futures settled down 0.6% at $1,986.2, Reuters reported.

"Gold jumped quickly but modestly after the market-friendly PCE (personal consumption expenditures) report," said Tai Wong, an independent metals trader based in New York.

"Bulls want a very strong close, ideally above $2,000, for quarter-end as a springboard to challenge the $2,070 all-time record, but the yellow metal looks a little tired."

The dollar index, while down for the quarter, firmed on Friday, weighing on demand for the greenback-priced gold.

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