Gold prices decline

By Dat Nguyen   May 5, 2023 | 10:13 pm PT
Gold prices decline
Gold jewelry on display at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold dropped 0.07% to VND67.05 million ($2,859.58) per tael Saturday morning.

Gold ring price lost 0.44% to VND57.2 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold beat a fast retreat on Friday after stronger-than-expected U.S. payrolls data tempered expectations of interest rate cuts from the Federal Reserve, Reuters reported.

Spot gold lost 1.7% to $2,015.33 per ounce, but was up 1.3% for the week after surging to $2,072.19 on Thursday, just shy of its record high of $2,072.49, following the Fed's hint that its hiking cycle may be ending.

U.S. gold futures settled 1.5% lower at $2,024.80.

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