Gold prices retreat

By Dat Nguyen   December 8, 2023 | 10:27 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 0.13% to VND74 million ($3,054.07) per tael Saturday morning.

Gold ring price downed 0.48% to VND61.75 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold retreated back under $2,000 an ounce on Friday as the dollar and Treasury yields strengthened after traders trimmed bets for U.S. interest rate cuts to materialize by March following stronger-than-expected jobs data, Reuters reported.

Spot gold fell 1.4% to $2,000.49 per ounce after hitting a session low of $1,994.49 earlier. Prices were down 3.4% so far for their worst week in ten.

U.S. gold futures settled 1.6% lower at $2,014.50.

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