Gold prices slip

By Dat Nguyen   July 9, 2023 | 07:59 pm PT
SJC gold price fell 0.07% to VND67.1 million ($2,840.51) per tael Monday morning.

Gold ring price was stable at VND56.2 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices edged higher in early Asian hours on Monday after U.S. jobs data last week cast doubts over the labour market's strength, prompting investors to be more sceptical of the Federal Reserve's rate hike trajectory, Reuters reported.

Spot gold was up 0.1% at $1,925.49 per ounce. U.S. gold futures were down 0.1% to $1,931.00 per ounce.

An increasing number of countries are repatriating gold reserves as protection against the sort of sanctions imposed by the West on Russia, according to an Invesco survey of central bank and sovereign wealth funds published on Monday.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.3% on Friday.

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