Gold price surges to new historic peak

By Minh Hieu   April 11, 2024 | 08:39 pm PT
Gold price surges to new historic peak
A person holds a tael of gold at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bar price hit a new all-time high of VND85 million (US$3,401.36) per tael on Friday morning, up 1.3% from the previous day.

Gold ring price also went up 1.2% to VND77 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices climbed on Friday to hit a historic peak as central bank purchases amid geopolitical tensions sustained the momentum for the yellow metal, while strong U.S. economic data failed to dampen bullion's allure, Reuters reported.

Spot gold was up 0.5% at $2,384.34 per ounce. Bullion hit a record high 2,395.29 earlier in the session.

U.S. gold futures gained 1.2% to $2,401.80.

Despite recent hot inflation data and a strong U.S. jobs report last week stirring more questions on the feasibility of rate cuts this year, bullion is poised for a fourth straight weekly rise and has gained over 15% so far for the year.

Higher interest rates reduce the appeal of holding non-yielding gold.

"We expect gold prices to rise in the next two months. From a technical perspective, this rally is a result of gold prices breaking out of a record 42-month consolidation period. It's like a coiled spring being let loose now," said Vincent Tie, sales manager at dealer Silver Bullion.

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