Gold prices decline

By Dat Nguyen   January 7, 2024 | 09:03 pm PT
Gold prices decline
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bar price fell 0.67% to VND74.5 million ($3,060.80) per tael Monday morning.

Gold ring price was steady at VND63 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices and U.S. equities posted moderate losses as the curtain rose on the first trading week of 2024, pressured by a significant rally in Treasury yields and a rise in the U.S. dollar, a move that was bolstered by the strong December U.S. jobs report, according to financial data platform DailyFX.

Spot gold was 0.48% lower Monday morning at $2,036.15 per ounce.

In late 2023, traders became overly optimistic and factored in significant interest rate reductions for the following year.

Although the U.S. central bank indicated its intention to reduce borrowing costs in the medium term, the economy's strength and the extremely accommodative financial conditions might postpone the initiation of this rate-cutting process.

This situation is laying the groundwork for a more substantial reversal in the upcoming weeks.

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