Gold prices skyrocket 2.4% to new peak

By Dat Nguyen   May 8, 2024 | 10:51 pm PT
Gold prices skyrocket 2.4% to new peak
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bullion price rose 2.40% to VND89.5 million ($3,517.73) per tael Thursday afternoon, a new record.

Gold ring price rose 0.27% to VND75.20 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold price traded with a positive bias on Thursday amid the absence of top-tier economic data releases at mid-week, according to financial data platform FXStreet.

However, multiple headwinds, such as the strengthened U.S. dollar and the hawkish comments from the U.S. Federal Reserve are likely to cap the upside of the precious metal in the near term, it said.

Gold was up 0.32% at $2,315.00 as of 1.37 p.m.

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