Gold prices slip to near 2-week low
Vietnam gold prices fell Thursday morning, hitting the lowest since August 22, while global rates continued its recovery.
Gold prices experienced a minor decline, reaching a near two-week low in Vietnam. The Saigon Jewelry Company gold bar saw a 0.87% decrease, trading at VND147.4 million (US$5,646.43) per tael. The gold ring also increased by 0.4% to VND149.3 million per tael. Over the course of the year, gold prices in Vietnam have plummeted by 3.53%.
Globally, gold managed to recover from a near one-month low, climbing 0.97% to $4,429.40 per ounce. Analyst David Meger from High Ridge Futures explained that the recent drop in yields has contributed to gold's bounce back from the lows. The energy sector and yields continue to be a key focus for the gold market in the coming months.
Despite a slight decrease in U.S. private payroll growth in August, gold prices remained relatively stable as investors kept an eye on the upcoming nonfarm payrolls report. Market data suggests a 64% probability of an interest rate hike at the central bank's policy meeting this month, according to the CME FedWatch Tool.
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