Gold prices rise

By Dat Nguyen   October 18, 2023 | 08:44 pm PT
Gold prices rise
A person holds gold bars at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price gained 0.07% to VND70.4 million ($2,864.70) per tael Thursday morning.

Gold ring price went up 0.34% to VND58.3 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices hovered near a 2-1/2-month high on Thursday as escalating Middle East turmoil buoyed demand for the safe-haven asset, while investors awaited U.S. Federal Reserve Chair Jerome Powell’s speech due later in the day, Reuters reported.

Spot gold was steady at $1,947.45 per ounce by 0318 GMT after hitting its highest since Aug. 1 on Tuesday. U.S. gold futures eased 0.4% to $1,959.70.

"Gold’s resilience in the face of rising yields and a rebounding U.S. dollar, especially over the past several days, have really been a testament to the geopolitical backdrop," said Ilya Spivak, head of global macro, Tastylive.

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