Gold prices drop to 10-day low

By Dat Nguyen   November 4, 2023 | 03:27 am PT
Gold prices drop to 10-day low
A person arranges gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price dropped 0.07% to VND70.35 million ($2,867.33) per tael Saturday, the lowest since Oct. 25.

Gold ring price gained 0.08% to VND59.85 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices gained on Friday as the U.S. dollar and Treasury yields slipped after weak U.S. jobs data cemented expectations that the Federal Reserve is done raising interest rates, Reuters reported.

Spot gold rose 0.4% to $1,994.28 per ounce after hitting a session high of $2,003.69. U.S. gold futures settled 0.3% higher at $1,999.2.

Higher rates increase the opportunity cost of holding zero-yield bullion.

Adding to gold's shine, the dollar index fell 1% and benchmark 10-year U.S. Treasury yields fell to an over one-month low after the data.

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