Gold prices stable at five-week peak

By Dat Nguyen   February 1, 2024 | 09:05 pm PT
Gold prices stable at five-week peak
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold prices continued to rise Friday ahead of Tet (Lunar New Year Festival), Vietnam’s biggest national holiday.

Gold bar went up 0.51% to VND78.65 million ($3,223.42) per tael, highest since Dec. 27.

Gold ring rose 0.23% to VND64.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices were poised for their biggest weekly gain in seven on Friday as the dollar and Treasury yields retreated, while traders awaited key U.S. jobs data due later in the day to gauge when the Federal Reserve might commence interest rate cuts, Reuters reported.

Spot gold was steady at $2,053.89 per ounce by 0335 GMT. Bullion has climbed 1.8% this week, set for its best weekly gain since late December.

U.S. gold futures were flat at $2,071.10.

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