Gold prices surge to 5-week high

By Dat Nguyen   March 17, 2023 | 08:41 pm PT
Gold prices surge to 5-week high
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price surged 0.52% to VND67.5 million ($2,861.38) per tael Saturday morning, the highest since Feb. 8.

Gold ring price jumped 1.74% to VND56.15 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices surged more than 2% on Friday as a wave of banking crises shook global markets and put bullion on track for its biggest weekly rise in three years, while bets solidified for a less aggressive Federal Reserve in its fight against inflation, Reuters reported.

Spot gold climbed 2.8% to $1,971.95 per ounce, highest since April 2022. Bullion has added about 5.6% this week, the most since March 2020.

"Gold is surging on fears that more bad banking news could appear over the weekend and hopes that the Fed will pause its rate hikes next week," said Tai Wong, an independent metals trader based in New York.

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