Gold prices rise

By Dat Nguyen   May 17, 2024 | 10:50 pm PT
Gold prices rise
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bar price gained 0.44% to VND90.4 million ($3,552.20) per tael Saturday morning.

Gold ring price went up 0.45% to VND77.2 million per tael.

Globally, gold prices, aided by China's stimulus measures, looked poised to clock their second consecutive weekly gain on Friday on renewed hopes for U.S. interest rate cuts, with silver breaking the $30 barrier to hit an 11-year high.

Spot gold rose 1.5% to $2,412.83 per ounce by 1745 GMT, closing in towards an all-time high of $2,431.29 hit on April 12. U.S. gold futures settled 1.3% higher at $2417.40 per ounce, according to Reuters.

"Gold is moving higher despite (an uptick in) the dollar and yields. I think in this instance, China stimulus has helped as we're also seeing other (base) metals do very well," said Bart Melek, head of commodity strategies at TD Securities.

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