Gold prices rise to 8-day high

By Dat Nguyen   November 9, 2023 | 08:52 pm PT
Gold prices rise to 8-day high
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price rose 0.43% to VND70.4 million ($2,894.14) per tael Friday morning, highest since Nov. 2.

Gold ring price went up 0.17% to VND59.55 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices were track for a second consecutive week of declines, weighed by a stronger U.S. dollar and Treasury yields after hawkish remarks from Federal Reserve Chair Jerome Powell, Reuters reported.

Spot gold was little changed at $1,959.74 per ounce on Friday, after hitting its lowest since Oct. 18 on Thursday. U.S. gold futures fell 0.3% to $1,964.50.

Gold was also set for its worst week in more than a month, down 1.6% so far this week.

Denting market expectations of a peak in U.S. rates, Fed officials including Powell said on Thursday they are still not sure that interest rates are high enough to finish the battle with inflation.

"Gold has been consolidating below $2,000 since the beginning of November, after getting ahead of itself... However, I remain bullish for year-end as long as it stays above $1,900," said Hugo Pascal, a precious metals trader at InProved.

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