Gold prices drop

Gold ring price gained 0.28% to VND54.35 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Global spot gold was up 0.1% at $1,856.11 per ounce, aided by a softer dollar, while market participants braced for U.S. jobs data that could influence the Federal Reserve’s policy trajectory.

“Gold has had a good start to the year, helped by a weaker dollar and expectations that the Fed might slow its pace of rate hikes. Recession risks and central bank buying should also support bullion this year,” said Brian Lan, managing director at Singapore-based dealer GoldSilver Central.

“If the jobs data reflects that the rate hikes have taken a toll on the economy, then dollar might weaken further and benefit gold.”

Bullion is seen as a hedge against inflation and economic uncertainties, but higher interest rates tend to weigh on non-yielding gold.