Gold prices jump to five-week peak

By Dat Nguyen   January 31, 2024 | 08:56 pm PT
Gold prices jump to five-week peak
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bar price surged to a five-week high of VND78.25 million ($3,206.64) per tael Thursday morning.

Gold ring price went up 0.23% to VND64.35 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Prices of the precious metal have risen non-stop this week and are now 2.5% away from the previous historic peak achieved on Dec. 26.

Globally gold climbed for a fourth straight day on Thursday as investors held onto hopes the Federal Reserve would trim interest rates by a significant margin this year, even after the U.S. central bank pushed back against the idea of a cut in March, Reuters reported.

Spot gold rose 0.5% to $2,046.63 per ounce. On Wednesday, bullion touched a more than two-week high of $2,055.89 before paring gains to end the session 0.1% higher.

U.S. gold futures fell 0.2% to $2,064.10.

The Fed is confident that inflation will come to the desired 2% range, and they have kept the window open for interest rate cuts, just not so much for one in March, keeping gold supported, said Jigar Trivedi, a senior analyst at Reliance Securities.

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