Gold prices slip

By Dat Nguyen   November 12, 2023 | 08:49 pm PT
Gold prices slip
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price fell 0.07% to VND70.25 million ($2,882.65) per tael Monday morning.

Gold ring price dropped 0.08% to VND59.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices were almost flat on Monday, hovering near three-week lows, as the dollar held firm and investors awaited U.S. inflation data for more cues on whether the Federal Reserve will stand pat on rates or hike, Reuters reported.

Spot gold was up 0.1% at $1,935.09 per ounce. U.S. gold futures gained 0.1% to $1,939.10.

Gold fell 2.8% last week, logging its worst week in more than a month, as Fed Chair Jerome Powell’s hawkish remarks pushed back any notion about interest rate cuts.

"Other than geopolitical risks-driven haven demand and central bank purchases, the macroeconomic backdrop is turning supportive for gold," ANZ analysts said in a note.

"The U.S. monetary tightening cycle is nearing an end and the USD has peaked. This could see US 10-year yield and the USD moderating, which will support investment demand of gold."

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