Gold prices drop to 6-week low - VnExpress International

AI desk brief

Gold fell more than 2% to a six-week low as higher oil prices revived inflation concerns and reinforced expectations of further Fed tightening. Spot gold was down 2.1% at $4,198.10/oz, on track for its biggest daily drop since Sept. 1, while U.S. gold futures fell 2.1% to $4,231/oz.

In Vietnam, Saigon Gold Jewelry Company’s bar price slipped 0.7% to VND143.4 million/tael, the lowest since Aug. 19, with ring prices also down to VND142.9 million/tael. KCM Trade’s Tim Waterer said the combination of high bond yields and high oil prices is weighing on gold, and this week’s U.S. labor and inflation data could extend the move if they come in hot.