Gold prices increase slightly

By Minh Hieu   April 16, 2024 | 09:50 pm PT
Gold prices increase slightly
A person arranges gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Thanh Tung
Saigon Jewelry Company gold bar price rose 0.71% to VND84.3 million ($3,322.17) per tael Wednesday morning.

Gold ring price slid 0.39% to VND76.7 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices were steady on Wednesday after rallying to record highs last week, as safe-haven demand fueled by geopolitical risks in the Middle East partially offset pressure from higher U.S. dollar and Treasury yields, Reuters reported.

Spot gold held its ground at $2,381.68 per ounce, as of 0337 GMT, after hitting an all-time high of $2,431.29 on Friday. U.S. gold futures fell 0.4% at $2,397.70.

"Gold prices have been displaying resilience in the face of higher Treasury yields and a stronger U.S. dollar, while finding some support in safe-haven flows in light of brewing geopolitical risks, with market participants still on edge for Israel's response to Iran's attacks," said IG market strategist Yeap Jun Rong.

Any escalation in geopolitical tensions could potentially pave the way for prices to retest its all-time high levels, Jun Rong said.

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