Gold prices retreat marginally

By Dat Nguyen   March 5, 2023 | 08:09 pm PT
Gold prices retreat marginally
A person holds gold bars at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price fell 0.07% to VND66.85 million ($2,819.78) per tael Monday morning.

Gold ring price dropped 0.09% to VND54.3 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally spot gold was down 0.1% at $1,853.19 per ounce, after climbing to its highest since Feb. 15 on Friday.

Data on Friday showed the U.S. services sector grew at a steady clip in February, with new orders and employment rising to more than one-year highs, suggesting the economy continued to expand in the first quarter.

San Francisco Federal Reserve President Mary Daly said on Saturday if data on inflation and the labor market continued to come in hotter than expected, interest rates would need to go higher, and stay there longer than Fed policymakers had projected in December.

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