Monday , July 15 2024

Gold prices inch down

SJC gold price dropped 0.14% to VND66.9 million ($2,848.93) per tael Friday morning.

Gold ring price fell 0.18% to VND54.25 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Global spot gold rose 0.3% to $1,838.38 per ounce, on track for a third straight weekly gain, with investors keenly awaiting key U.S. jobs report to gauge the U.S. Federal Reserve’s rate hike stance, Reuters reported.

The market’s focus shifts to the U.S. Labor Department’s closely watched nonfarm payrolls (NFP) data due at 8.30 p.m. Friday.

“Higher-than-expected job gains and more persistent wage pressures may be catalysts to add pressure on gold,” said IG Market strategist Yeap Jun Rong.

“Gold prices have been finding its way higher since November as bullish bets in dollar and yields unwind. For 2023, gold prices may continue to draw in buyers but it might face some risk from hawkish pushback from policymakers.”

Data on Thursday showed that U.S. private payrolls increased more than expected in December while number of Americans filing new claims for jobless benefits dropped to a three-month low last week, pointing to a still-tight labour market that could force the Fed to keep hiking interest rates.

“Labor market weakness is around the corner and until that happens, gold might remain stuck above the $1800 level,” said Edward Moya, senior analyst with OANDA in a note.

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