Gold prices decline

By Dat Nguyen   June 6, 2023 | 12:25 am 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 dropped 0.07% to VND67.1 million ($2,856.90) per tael Tuesday afternoon.

Gold ring price gained 0.18% to VND56.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices edged lower on Tuesday as investors sought more clarity around the U.S. Federal Reserve’s policy outlook, while a softer dollar capped further decline, keeping bullion in a narrow range, Reuters reported.

Spot gold eased 0.1% to $1,959.59 per ounce while U.S. gold futures held steady at $1,975.60.

The dollar index eased slightly, making bullion more affordable for investors holding other currencies. The yield on 10-year Treasuries fell after weaker U.S. services sector data on Monday.

"The Fed’s data-dependent stance will mean that rate expectations may continue to see huge swings due to its higher sensitivity to incoming economic data, with a key look-ahead being the U.S. May CPI report next week," IG market analyst Yeap Jun Rong said.

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