Gold prices decline

By Dat Nguyen   March 6, 2023 | 09:00 pm PT
Gold prices decline
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price fell 0.15% to VND66.75 million ($2,821.81) per tael Tuesday.

Gold ring price went down 0.09% to VND54.3 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices rose marginally on Tuesday as investors awaited Congressional testimony by U.S. Federal Reserve Chair Jerome Powell and monthly jobs data, both of which could influence the interest rate policy, Reuters reported.

Spot gold was up 0.1% at $1,847.81 per ounce.

Higher interest rates to rein in rising prices reduce investors’ appetite for non-yielding bullion.

Gold managed to climb higher as the dollar slipped, said OCBC FX strategist Christopher Wong.

"Softer-than-expected U.S. data last week somewhat raises the question if the solid data seen in February releases was just a one-off seasonal or statistical quirk," he said.

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