Gold prices hit new high

By Dat Nguyen   November 24, 2023 | 09:58 pm PT
Gold prices hit new high
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price rose 0.42% to VND72.1 million ($2,970.14) per tael Saturday morning, making another new record year-to-date.

Gold ring price gained 0.33% to VND61.4 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold rose over the key $2,000 level on Friday, logging its second consecutive weekly gain, see-sawing against a weaker U.S. dollar on bets that the U.S. Federal Reserve is done with its interest rate-hiking cycle, Reuters reported.

Spot gold was up 0.5% at $2,001.97 per ounce by 2:30 p.m. and has risen over 1% so far this week. U.S. gold futures settled 0.5% higher at $2,003.00.

The dollar index has been deteriorating due to the weaker data coming out this week which should shift the Fed to a more dovish pivot and then that could be a tailwind for gold in 2024, said Phillip Streible, chief market strategist at Blue Line Futures, in Chicago.

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