Gold prices rise

By Dat Nguyen   February 23, 2024 | 08:59 pm PT
Gold prices rise
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bar price rose 0.19% to VND78.65 million ($3,191.97) per tael Saturday morning.

Gold ring price went up 0.15% to VND65.75 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices went up Friday, buoyed by a softer dollar and safe-haven demand from escalating tensions in the Middle East, even as U.S. Federal Reserve officials bruised hopes of early rate cuts this year, Reuters reported.

Spot gold was up 0.8% to $2,040.69 per ounce and was on track for a 1.4% weekly rise.

U.S. gold futures settled 0.9% higher at $2,049.4.

"Gold is up primarily on the fact that the U.S. dollar is a little weaker," said Bob Haberkorn, senior market strategist at RJO Futures.

"It's a delicate walk right now in the precious metals market, but there is a lot of safe-haven buying despite the rates being as high as they are."

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