Gold prices retreat

By Dat Nguyen   October 1, 2023 | 08:36 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 price fell 0.14% to VND68.88 ($2,830.49) million per tael Monday morning.

Gold ring price dropped 0.09% to VND56.9 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold inched down to hit a near seven-month low on Monday as the dollar stayed strong, with traders digesting a key U.S. inflation report as they positioned for a slew of job market data due this week, Reuters reported.

Spot gold was down 0.1% at $1,846.29 per ounce, its lowest level since March 10, after posting a 4% decline last week, its biggest drop since June 2021. U.S. gold futures fell 0.2% to $1,861.80.

The dollar held near a 10-month high, while Treasury yields were off a 16-year peak.

Underlying U.S. inflation moderated in August, with the annual rise in prices excluding food and energy falling below 4.0% for the first time in more than two years, data showed on Friday.

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