Gold lingers near 7-month high

By Dat Nguyen   September 6, 2023 | 08:37 pm PT
Gold lingers near 7-month high
A person arranges gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price fell 0.07% to VND68.35 million ($2,840.52) per tael Thursday morning as it hovers around the highest since Jan. 27.

Gold ring price gained 0.05% to VND57.08 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold hovered near a one-week low on Thursday following five consecutive sessions of declines, while the dollar sat atop mid-March highs after data showed the U.S. services sector unexpectedly gained steam in August, Reuters reported.

Spot gold was up 0.1% to $1,917.99 per ounce, its lowest level since Aug. 29. U.S. gold futures fell 0.1% to $1,942.20.

Federal Reserve Bank of Boston President Susan Collins said while there are signs of progress in cooling inflation, the central bank should proceed carefully when it comes to its next monetary policy steps.

Higher U.S. interest rates raise the opportunity cost of holding gold, which does not earn any interest.

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