Gold prices decline

By Dat Nguyen   July 6, 2023 | 11:24 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 0.07% to VND67 million ($2,831.19) per tael Friday morning.

Gold ring price went up 0.09% to VND56.1 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Gold prices on Friday were on track for a fourth consecutive weekly loss as recent U.S. jobs data and hawkish comments from Federal Reserve policymakers strengthened bets for higher-for-longer interest rates, weighing on non-yielding bullion, Reuters reported.

Spot gold held steady at $1,912.39 per ounce, but down 0.3% for the week. U.S. gold futures ticked up 0.1% to $1,918.00.

U.S. private payrolls figures indicate strength in the labour market despite growing risks of a recession from higher interest rates, with investors now bracing for the June non-farm payrolls data for further cues on the Fed’s policy trajectory.

"A resilient and tight U.S. jobs market effectively strengthens the case for the Fed to keep pushing the benchmark interest rate higher. Right now, it’s all about interest rates and a guessing game about where the terminal rate setting will land," said Tim Waterer, chief market analyst at KCM Trade.

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