Gold nudges down

By Dat Nguyen   October 12, 2023 | 08:53 pm PT
Gold nudges down
Gold jewelry on display at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price dropped 0.14% to VND70.15 million ($2,870) per tael Friday morning.

Gold ring price fell 0.09% to VND57.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold edged up on Friday and was set for its best week in seven months, deriving support from tensions in the Middle East and expectations that the U.S. interest rates may have peaked, as markets assess latest inflation data, Reuters reported.

Spot gold was up 0.3% at $1,873.25 per ounce by 0343 GMT. U.S. gold futures added 0.2% to $1,885.80.

U.S. Treasury yields and the dollar reversed course in Asia hours on Friday, having strengthened in the last session after data showed U.S. consumer prices increased in September.

Before the inflation data, gold had climbed to its highest in two weeks on Thursday, boosted by dovish policy stance by top policymakers who noted that the recent rise in U.S. Treasury yields might make further rate hikes less necessary.

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