Gold tiptoes up

By Dat Nguyen   October 3, 2023 | 01:54 am PT
Gold tiptoes up
A person holds gold bars at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price rose 0.07% to VND68.98 million per tael Tuesday morning.

Gold ring price fell 0.35% to VND56.6 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold continued to sell off on Tuesday, clocking its longest losing streak since August 2022 in the last session as Federal Reserve officials underscored the likelihood of interest rates staying high, with U.S. job openings data due later in the day, Reuters reported.

Spot gold was down 0.4% at $1,819.50 per ounce, falling for a seventh consecutive session to its lowest since March 9. U.S. gold futures shed 0.6% to $1,835.60.

The dollar scaled a fresh 10-month peak, while Treasury yields were near 16-year highs after data on Monday showed U.S. manufacturing took a step further towards recovery in September.

A stronger greenback and higher bond yields weigh on bullion, which is priced in dollars and bears no interest.

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