Gold prices gain

By Dat Nguyen   March 3, 2023 | 10:10 pm PT
SJC gold price went up 0.15% to VND66.9 million ($2,819.81) per tael Saturday morning.

Gold ring gain 0.37% to VND54.35 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices climbed to a two-week high on Friday and were heading for their first weekly rise in five as a pullback in the U.S. dollar and Treasury yields offered some respite from prospects of more rate hikes from the Federal Reserve, Reuters reported.

Spot gold was up 0.8% at $1,850 per ounce, its highest since Feb. 15.

Until a new catalyst is found, such as next week’s jobs or consumer prices data, gold is likely to remain range-bound between the $1,830-$1,850 levels, Bart Melek, head of commodity markets strategy at TD Securities, said.

The U.S. dollar index was headed for its first weekly loss in five, making bullion more attractive for other currency holders, while benchmark U.S. 10-year yields crept lower from near a four-month peak.

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