Gold prices skyrocket

By Dat Nguyen October 13, 2023 | 09:34 pm PT

A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran

SJC gold price surged 1.14% to VND71 million per tael Saturday morning, affected by a jump in the global market.

Gold ring price went up 0.95% to VND58.15 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices jumped more than 3% on Friday and were poised for their best week in seven months as the intensifying conflict in the Middle East sent investors scurrying for safe-haven assets.

Zero-yield bullion got an additional fillip from expectations that the U.S. interest rates may have peaked.

Spot gold was up 3.2% at $1,928.15 per ounce. U.S. gold futures settled 3.1% higher at $1,941.50. Prices were up 5.2% for the week.

"Investors are fleeing to safe havens as the risks of Middle East tensions grow," said Edward Moya, senior market analyst at OANDA.

"If the geopolitical situation gets gloomier, there is a good chance that gold prices could go to the $2,000 levels this year. We have come from mid-$1,800s to mid-$1,900s, $2,000 is just a fraction of that."