Friday , June 2 2023

Gold prices dip to lowest this month

SJC gold price fell 0.22% to VND66.95 ($2,855.74) million per tael Monday morning, lowest since March 30.

Gold ring price dropped 0.44% to VND56.3 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices fell about 1% to slip below $2,000 on Monday, after U.S. employment data pointed to a tight labour market and raised expectations of another rate hike by the Federal Reserve in May, Reuters reported.

Spot gold was down 0.9% at $1,990.69 per ounce. U.S. gold futures slipped 1% to $2,006.30.

Gold slid due to “profit-booking on expectations of Fed rate hikes followed by Friday’s strong U.S. job growth report and a steady dollar,” Hareesh V, head of commodity research at Geojit Financial Services, said while noting a technical correction in prices.

The dollar index was 0.1% higher, making bullion expensive for overseas buyers.

Friday’s data from the U.S. Labor Department showed non-farm payrolls increased by 236,000 jobs in March, versus expectations of 239,000. The data also showed the unemployment rate dipped to 3.5% from 3.6% in the prior month.

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