Gold marches to new record

By Dat Nguyen   March 8, 2024 | 06:49 pm PT
Gold marches to new record
Gold jewelry seen at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bar price rose to another new peak in Vietnam Saturday morning as global rates surged to new record.

Gold bar went up 0.37% to VND82.15 million ($3,331.99) per tael Saturday morning. A tael equals 37.5 grams or 1.2 ounces.

Gold ring price gained 0.73% to VND69.1 million per tael.

Globally gold prices surged to another record high on Friday as data showing a rise in the U.S. unemployment rate boosted expectations that the U.S. Federal Reserve could begin cutting interest rates soon.

Spot gold rose 0.5% to $2,170.55 per ounce. U.S. gold futures settled 0.9% higher to $2,185.50.

Bullion was set to post its biggest weekly percentage increase since mid-October.

Gold reached an all-time high of $2,185.19 after a report showed a rise in the U.S. unemployment rate and a moderation in wage gains despite job growth acceleration in February.

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