Gold prices head for three-week high

By Dat Nguyen   November 16, 2023 | 08:47 pm PT
Gold prices head for three-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 VND70.8 million ($2,918.98) per tael Friday morning, highest since Oct. 31.

Gold ring price gained 0.42% to VND60.1 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices extended their rise on Friday and were set to log their first weekly gain in three, as investors stepped-up bets that the U.S. Federal Reserve is done raising interest rates, pressuring the dollar and Treasury yields, Reuters reported.

Spot gold was up 0.2% at $1,984.48 per ounce after hitting its highest since Nov. 6 in the last session. U.S. gold futures were steady at $1,987.20.

The bullion is up 2.5% so far this week.

"There's probably a couple of set of sequences in which we could see gold push sustainably through $2,000, and that's a very rapid deterioration in the data, which suggests that again, rate cuts on the horizon," said Kyle Rodda, a financial market analyst at

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