Gold prices slip

By Dat Nguyen   February 4, 2023 | 04:51 am PT
Gold prices slip
Gold jewelry are seen at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price fell 0.29% to VND67.3 million ($2,869.93) per tael Saturday morning.

Gold ring price plunged 1.18% to VND54.55 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Global gold prices dropped over 2% on Friday to a more than three-week low after stronger-than-expected U.S. jobs data raised fears that the Federal Reserve could keep hiking interest rates, Reuters reported.

Spot gold dipped 2.6% to $1,863.66 per ounce.

Bullion is down 2.5% so far this week, marking its biggest weekly fall since early October, with prices having fallen nearly $100 in two sessions.

U.S. employment growth accelerated sharply in January, with 517,000 positions added, almost double the gain in December. The unemployment rate hit more than a 53-1/2-year low of 3.4%, pointing to a persistently tight labour market.

"This (data) is going to add support to the argument that the Fed might have to remain a little bit more aggressive going forward," said Edward Moya, senior market analyst at OANDA.

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