Gold prices skyrocket

By Dat Nguyen November 27, 2023 | 08:38 pm PT

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

SJC gold price jumped 1.38% to VND73.5 million ($3,030.61) per tael Tuesday morning, adding VND1 million overnight to a new peak year-to-date.

Gold is now 1.2% away from the historic peak of VND74.4 million.

Gold ring price rose 0.08% to VND61.75 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold price surpassed the horizontal barrier of $2,008-$2,010 on Tuesday and surged to the $2,018 range, marking its highest point since mid-May, according financial news platform FXStreet.

It remains stable around this level during the Asian session, indicating a potential extension of its nearly three-week upward trend.

This momentum is driven by expectations of a pause in the Federal Reserve's monetary tightening and a shift in bets towards a Fed rate cut in 2024 due to easing inflationary pressures. These factors contribute to a weakening U.S. dollar and support a positive outlook for gold, a non-yielding asset.