Gold prices gain

By Dat Nguyen   March 15, 2023 | 11:23 pm PT
Gold prices gain
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price rose 0.3% to VND66.85 million ($2,835.63) per tael Thursday afternoon.

Gold ring price dropped 0.46% to VND55 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold retreated on Thursday from a safe-haven-driven rally, which sent prices to their highest since early-February, as traders more sought clarity on the financial sector after Credit Suisse became the latest focal point for fears of a banking crisis, Reuters reported.

Spot gold was down 0.3% at $1,912.48 per ounce after rising more than 1% on Wednesday.

"Investors are looking for a safe asset to park their money in after the U.S. banking sector crisis, this has triggered fresh rallies in a gold-like safe haven," said Hareesh V, head of commodity research at Geojit Financial Services.

"Today’s fall is attributed to a technical correction from an (over) five-week high and a steady dollar. Investors are keenly waiting for fresh cues on the U.S. banking crisis."

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