Gold prices tick down

By Dat Nguyen   May 14, 2023 | 08:58 pm PT
Gold prices tick down
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 VND67.2 million ($2,863.84) per tael Monday morning.

Gold ring price went up 0.26% to VND57.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices edged up on Monday as the U.S. debt ceiling stalemate and concerns of an economic slowdown steered some traders towards the safe-haven metal, Reuters reported.

Spot gold was up 0.1% at $2,013.79 per ounce, after falling for three sessions. U.S. gold futures eased 0.1% to $2,018.20.

Recent downside surprises in U.S. economic data have lifted the chances of a recession over the next 12 months, with safe-haven flows providing somewhat of a cushion for gold, said Yeap Jun Rong, market analyst at IG.

Friday’s data showed U.S. consumer sentiment slumped to a six-month low in May on worries that political haggling over raising the federal government’s borrowing cap could trigger a recession.

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