Gold prices firm at two-week high

By Dat Nguyen   November 15, 2023 | 12:41 am PT
Gold prices firm at two-week high
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price rose 0.28% to VND70.55 million per tael ($2,905.69) Wednesday afternoon, steady at the highest since Nov. 2.

Gold ring price went up 0.42% to VND59.85 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices extended gains on Wednesday, supported by a weaker U.S. dollar and bond yields after data showing slowing inflation in the U.S. bolstered the view that the Federal Reserve is done with its rate-hike campaign, Reuters reported.

Spot gold was up 0.2% at $1,965.83 per ounce, as of 0319 GMT after rising 0.9% overnight. U.S. gold futures gained 0.2% to $1,969.50.

"The perfect world seemingly was created for gold with a very sharp decline in the dollar and a very sharp decline in yields, yet gold could not capitalise more and had a fairly modest increase," said Ilya Spivak, head of global macro at Tastylive.

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