Gold prices increase

By Ngan Anh   October 6, 2023 | 11:30 pm PT
Gold prices increase
Ingots of 99.99 percent pure gold are placed in a workroom at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, January 31, 2023. Photo by Reuters
SJC gold price rose 0.28% to VND69.3 million ($2,841.92) per tael Saturday morning.

Gold ring price gained 0.35% to VND56.8 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices gained on Friday, helped by a technical rebound after a nine-day losing streak, although robust U.S. jobs data raised worries over another U.S. rate hike and kept bullion on track for its second weekly drop, according to Reuters.

Spot gold was up 0.6% at $1,831.09 per ounce by 1:41 p.m. EDT (1741 GMT) but on track for its second straight weekly loss, down 0.9% so far.U.S. gold futures settled 0.7% higher at $1,845.20 per ounce.

With the recent rally in bond yields and the dollar, it is difficult to build a bullish case for gold, Ole Hansen, head of commodity strategy at Saxo Bank, wrote in a note.

But "we maintain a patiently bullish view on gold with the timing for a fresh push to the upside being very dependent on U.S. economic data as we wait for the FOMC (Federal Open Market Committee) to turn its focus from rate hikes to cuts," Hansen said.

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