Gold prices increase

By Dat Nguyen   August 4, 2023 | 07:39 pm PT
Gold prices increase
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Thanh Tung
SJC gold price gained 0.15% to VND67.3 million ($2,835.47) per tael Saturday morning.

Gold ring price went up 0.26% to VND57.05 million per tael. A tael equals 37.5 grams or 1.2 ounces.

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. 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.

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