Gold prices dip - VnExpress International

AI desk brief

Gold eased in global trading after stronger-than-expected U.S. jobs data revived Fed-hike expectations, pressuring non-yielding bullion. Spot gold fell 1.2% to $4,419.09/oz and briefly hit an intraday low of $4,364.99/oz, leaving it on track for a modest weekly decline after a more than 2% drop on the payrolls release.

Vietnamese domestic gold tracked the weaker tone: Saigon Jewelry Company bars fell 0.67% to VND147.6 million/tael ($5,663.85), while gold rings dropped 0.66% to VND149.5 million/tael. Local prices are now down 3.4% year-to-date, highlighting a broader cooling in retail demand alongside the global pullback.

Near term, the key driver is whether the market continues to price an earlier Fed tightening cycle. If U.S. data stays firm, bullion remains vulnerable to further downside and a test of the $4,365 low would be in play; softer labor/inflation data would likely restore support. For the desk, this is a macro-led tape rather than a flow-led move, with the intraday reaction suggesting gold is still highly sensitive to rate expectations.