Gold prices slip

By Dat Nguyen   April 5, 2023 | 10:22 pm PT
Gold prices slip
Gold jewelry are put on display at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price fell 0.15% to VND67.05 million ($2,859.21) per tael Thursday morning.

Gold ring price dropped 0.35% to VND56.4 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices fell on Thursday as the dollar firmed ahead of a much awaited U.S. non-farm payrolls report, as investors sought clarity on whether the Federal Reserve might take a breather on its monetary tightening path, Reuters reported.

Spot gold was down 0.3% at $2,014.79 per ounce after hitting an over one-year high on Wednesday. U.S. gold futures were steady at $2,034.70.

The dollar index was 0.1% higher, making bullion expensive for overseas buyers.

The U.S. services sector slowed more than expected in March as demand cooled, while a measure of prices paid by services businesses fell to the lowest in nearly three years.

While gold is traditionally considered a hedge against inflation, higher interest rates dim non-yielding bullion's appeal.

go to top