Gold continues to thrive

By Dat Nguyen   October 17, 2023 | 10:50 pm PT
Gold continues to thrive
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price gained 0.29% to VND70.2 million ($2,865.31) per tael Wednesday morning.

Gold ring price gained 0.51% to VND58.1 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices climbed 1% to their highest in a month on Wednesday after a deadly blast in Gaza fuelled fears about the regional conflict escalating, keeping the safe-haven asset in demand, Reuters reported.

Spot gold rose 0.8% to $1,938.79 per ounce, after scaling its highest since Sept. 20 earlier in the session. U.S. gold futures also jumped 0.8% to $1,951.50.

Hundreds were killed in a blast at a Gaza City hospital on Tuesday, according to Palestinian officials, igniting protests in the West Bank and around the Middle East, ahead of a visit by U.S. President Joe Biden to Israel.

"Safe-haven flows amid geopolitical tensions in the Middle East have remained the dominant catalyst for gold prices," IG market strategist Yeap Jun Rong said.

go to top