Gold prices drop

By Dat Nguyen   May 11, 2023 | 08:42 pm PT
Gold prices drop
A person holds gold bars at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price fell 0.07% to VND67.2 million ($2,864.76) per tael Friday morning.

Gold ring price dropped 0.17% to VND57.35 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices ticked down on Friday as the dollar held firm, although persistent economic fears and the U.S. debt ceiling standoff cushioned bullion’s further decline, Reuters reported.

Spot gold fell 0.3% to $2,010.29 per ounce and was down 0.3% for the week. U.S. gold futures shed 0.3% to $2,015.00.

While investors are looking at uncertainties surrounding the debt talks and expecting a pause in rate hikes by the Federal Reserve, there seems to be bit of profit-taking that’s pushing prices down, said Brian Lan, managing director at dealer GoldSilver Central.

Gold rose on Thursday after data showed a jump in weekly jobless claims and the smallest annual increase in producer prices last month in over two years, but the metal lost its allure as the U.S. dollar gained upper hand, making bullion more expensive for overseas buyers.

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