Gold prices climb

By Dat Nguyen   October 20, 2023 | 11:22 pm PT
Gold prices climb
Gold jewelry on display at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold rose 0.14% to VND71.05 million ($2,895.27) per tael Saturday morning.

Gold ring price was stable at VND59.1 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold extended gains on Friday and headed for a second consecutive weekly gain, as fears of a further escalation in the Middle East conflict fed bullion’s safe-haven appeal, Reuters reported.

Spot gold was up 0.3% at $1,979.39 per ounce by 3:04 p.m. after hitting its highest since May earlier in the session. U.S. gold futures settled 0.7% higher at $1,994.40.

"People fluttered into gold and found a sense of safety amid geo-political risks. If there is an escalation in the Middle East conflict, gold prices will push through $2,000," said Phillip Streible, chief market strategist at Blue Line Futures in Chicago.

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