Gold prices drop

By Ngan Anh   February 23, 2024 | 03:57 am PT
Gold prices drop
A person arranges gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bar price fell 0.25% to VND78.45 million ($3,200.13) per tael Friday

Gold ring price also downed 0.07% to VND64.65 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices inched higher on Friday and were on track for their first weekly rise in three, as a broadly weaker U.S. dollar and growing tensions in the Middle East lifted bullion’s appeal.

Spot gold was up 0.1% at $2,025.7 per ounce, as of 0411 GMT, and has gained 0.7% so far in the week. U.S. gold futures edged 0.2% higher to $2,035.3 per ounce, according to Reuters.

"There’s a decent amount of physical buying, especially from the central banks, and the fact that the dollar has not really moved is also giving gold an element of support," Marex analyst Edward Meir said. "Also helping on providing some support for gold are the geopolitical uncertainties and tensions."

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