Gold drops to year’s lowest

By Dat Nguyen February 26, 2023 | 07:50 pm PT

A gold cat statue is put on display at a jewelry shop in Hanoi. Photo by VnExpress/Ngoc Thanh

SJC gold price dropped 0.30% to VND66.7 million ($2,800.76) per tael Monday morning, lowest this year.

Gold ring price remained stable at VND53.95 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices edged up on Monday as the dollar eased, but hovered near their lowest levels since late December after U.S. economic data last week raised worries that the Federal Reserve could hike interest rates further, Reuters reported.

Spot gold was up 0.1% at $1,813.30 per ounce.

The dollar index eased 0.1%, making bullion less expensive for buyers holding other currencies.

Data on Friday showed consumer spending, which accounts for more than two-thirds of U.S. economic activity, shot up 1.8% last month - the largest increase since March 2021.

U.S. Treasury Secretary Janet Yellen told Reuters on Saturday that the data showing inflation jumped unexpectedly in January signals that the fight against inflation "is not a straight line" and more work is needed.

"It’s going to take more effort on the part of the Fed to get inflation on that sustainable downward path to 2%," Cleveland Fed President Loretta Mester said on Friday.