Gold prices fall

By Dat Nguyen   August 7, 2023 | 07:44 pm PT
Gold prices fall
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 VND67.35 million ($2,838.18) per tael Tuesday morning.

Gold ring price was stable at VND57 million per tael.

Globally gold prices rose on Friday after a slightly weaker-than-expected U.S. jobs report pushed the dollar and Treasury yields lower, offering some respite to bullion which was still on track for its worst week in six, Reuters reported.

Spot gold was up 0.4% at $1,940.86 per ounce by 2:52 p.m. Bullion, however, was down 0.9% so far this week.

U.S. gold futures settled 0.4% higher at $1,976.10.

"The jobs report has allowed the market to propose that the Federal Reserve is not as likely to raise interest rates. As a result, we’ve seen bond yields drop along with the dollar and that is certainly supporting the price of gold," said David Meger, director of metals trading at High Ridge Futures.

Following the data, the dollar fell 0.5% against its rivals, making gold less expensive for other currency holders. Benchmark U.S. 10-year yields retreated from a nine-month high.

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