Gold prices down

By Dat Nguyen   November 2, 2023 | 08:14 pm PT
Gold prices down
Gold jewelry on display at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price fell 0.28% to VND70.45 million ($2,867.60) per tael Friday morning.

Gold ring price was stable at VND59.65 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold struggled for momentum on Friday, as investors refrained from making big bets ahead of a report on U.S. October non-farm payrolls that could offer more clues to the Federal Reserve’s interest rate path, Reuters reported.

Spot gold was almost flat at $1,986.72 per and U.S. gold futures were little changed at $1,994.30.

Bullion was set to snap a three week-winning streak, having declined nearly 1% for the week so far. Prices rose above the key $2,000-per-ounce level last week, after escalating tensions in the Middle East boosted safe-haven demand.

"If you step back and look at what’s happened over the last few weeks, you have like a 10% rally on gold prices in 10 days. That’s a very strong move... where you kind of need a natural pause in that trend and that’s where (gold) is at the moment," City Index senior analyst Matt Simpson said.

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