Gold heads down after climb

By Dat Nguyen   August 24, 2023 | 08:18 pm PT
Gold heads down after climb
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price dropped 0.15% to VND67.85 million ($2,826.50) per tael Friday morning after a week of rising.

Gold ring price fell 0.09% to VND56.95 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices edged lower on Friday as the U.S. dollar reclaimed a 2-1/2 month peak, but the metal was headed for its best week in six ahead of a speech by Federal Reserve Chair Jerome Powell that could offer clues on the interest rate outlook, Reuters reported.

Spot gold eased 0.2% to $1,913.90 per ounce, while U.S. gold futures shed 0.3% to $1,942.

Gold has risen about 1.3% so far in the week, which could be its first week of gains this month, as prices climbed to their highest since Aug. 10 on Thursday after a retreat in U.S. Treasury yields.

go to top