Gold prices decline

SJC gold price fell 0.07% to VND67.65 million ($2,840.06) per tael Monday morning.

Gold ring price was stable at VND56.7 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices steadied above 5-month lows on Monday after declining in the previous five sessions, as investors saddled up for central bankers’ gathering in Jackson Hole, Wyoming this week, for outlook on economy and interest rates, Reuters reported.

Spot gold was flat at $1,888.36 per ounce, while U.S. gold futures added 0.1% to $1,917.70.

Prices dropped to their lowest since mid-March at $1,883.70 last week, as buoyant economic data raised bets for higher-for-longer U.S. interest rates, reducing demand for gold which does not yield any interest.