Gold prices shoot up to five-week high

By Dat Nguyen   February 15, 2024 | 07:58 pm PT
Gold prices shoot up to five-week high
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bar price surged 0.25% to VND78.95 million ($3,223.10) per tael Friday morning, highest since Dec. 27.

Gold ring price went up 0.31% to VND64.6 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices gained after softer U.S. economic data pushed the U.S. dollar and Treasury yields lower, while market focus shifted to commentary from Federal Reserve officials for cues on the timeline for interest rate cut, Reuters reported.

At 10.44 a.m. Friday it went up 0.01% to $2004.30 per ounce.

"Gold bulls seized on a surprisingly soft retail sales number to surge back above $2000," said Tai Wong, a New York-based independent metals analyst.

The dollar index extended losses and benchmark 10-year Treasury yield slipped after the data, making non-yielding bullion more appealing for overseas buyers.

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