Gold prices shoot up

By Dat Nguyen   October 19, 2023 | 09:22 pm PT
Gold prices shoot up
A person holds a gold coin at a shop in Hanoi. Photo by VnExpress/Ngoc Thanh
SJC gold price gained 0.35% to VND70.85 million ($2,888.89) per tael Friday morning.

Gold ring price rose 0.94% to VND58.9 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices hit a three-month peak on Friday and were set for a second straight weekly gain, with demand bolstered by the Middle East conflict and expectations that the Federal Reserve may be done with rate hikes, Reuters reported.

Spot gold was steady at $1,973.99 per ounce after hitting its highest since July 20. U.S. gold futures gained 0.3% to $1,986.10.

Gold, often used as a safe store of value during times of political and financial uncertainty, has risen 2.2% so far this week.

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