Gold prices retreat

By Dat Nguyen   October 23, 2023 | 02:39 am PT
Gold prices retreat
Gold statues on display at a shop in Hanoi. Photo by VnExpress/Ngoc Thanh
SJC gold price dropped 0.35% to VND70.8 million ($2,877.46) per tael Monday afternoon.

Gold ring price fell 0.17% to VND59 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices retreated from last session’s five-month peak on Monday as the U.S. dollar and Treasury yields strengthened ahead of crucial economic data this week, with investors looking for any signs of a global fallout in the Middle East conflict, Reuters reported.

Spot gold was down 0.4% at $1,974.20 per ounce by 0718 GMT, and U.S. gold futures slid 0.4% to $1,986.30.

Gold prices hit their highest since mid-May on Friday and surged about 9% in the past two weeks as investors opted for the safety of bullion on fears that the Israel-Hamas war could escalate into a wider Middle East conflict.

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