Gold prices retreat

By Dat Nguyen   May 7, 2023 | 08:11 pm PT
Gold prices retreat
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold declined by 0.07% to VND67 million ($2,857.14) per tael Monday morning.

Gold ring price gained 0.09% to VND57.25 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices were listless on Monday, as cautious investors awaited a key U.S. inflation data due this week that could influence the Federal Reserve's monetary policy stance, Reuters reported.

Spot gold was unchanged at $2,016.74 per ounce. U.S. gold futures were flat at $2,025.60.

The U.S. consumer price index (CPI) data is due on Wednesday.

Any signs of inflation being subdued would hinder the greenback due to lower interest rate expectations from the Fed, which could see gold trend higher, said Tim Waterer, chief market analyst at KCM Trade.

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