Gold drops 1.19%

By Dat Nguyen   May 10, 2024 | 11:36 pm PT
Gold drops 1.19%
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bar price plunged 1.19% to VND91.3 million ($3,586.72) per tael Saturday morning after reaching a new peak Friday.

Gold ring was stable at VND76.55 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices climbed on Friday, en route to their best week in five, with zero-yield bullion building on momentum fueled by weaker U.S. jobs data this week that reinforced expectations for interest rate cut by the Federal Reserve, Reuters reported.

Spot gold rose 1% to $2,369.49 per ounce.

U.S. gold futures for June delivery settled 1.5% higher to $2,375.00 per ounce.

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