Gold prices reach new historic peak

By Dat Nguyen November 28, 2023 | 07:47 pm PT

A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran

SJC gold price surged 1.5% to VND74.6 million ($3,083.92) per tael Wednesday morning, the highest ever, as global rates extend gains.

Gold ring price also rose 0.97% to a new historic peak of VND62.4 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold rose for a fourth consecutive session on Tuesday and hit a more than six-month high, driven by a retreating dollar and expectations that the U.S. Federal Reserve has finished hiking interest rates.

Spot gold gained 1.4% at $2,041.55 per ouncem, highest since May 10.

U.S. gold futures for December delivery settled 1.4% higher at $2,040.

The near-term outlook for gold remains bullish, with the dollar index in a downtrend on hopes the Fed will no longer raise interest rates and will maybe even cut them by springtime, said Jim Wyckoff, senior analyst at Kitco Metals.