Gold prices step up

By Dat Nguyen   October 27, 2023 | 11:14 pm PT
Gold prices step up
Customers shop for gold jewelry in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price rose 0.42% to VND71 million ($2,888.53) per tael Saturday morning.

Gold ring price gained 0.76% to VND59.8 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold vaulted over $2,000 on its way to a third straight weekly gain on Friday, as an escalation in the Israel-Hamas conflict fuelled safe-haven buying, while investors awaited the U.S. Federal Reserve policy meeting due next week, Reuters reported.

Spot gold jumped 1.2% to its highest since mid-May at $2,009.19 per ounce and gained 1.4% for the week. U.S. gold futures settled 0.1% higher at $1,998.50.

Trading volumes spiked after Israel’s chief military spokesperson said its air and ground forces are stepping up operations in the Gaza Strip, amid reports of heavy bombing of the besieged enclave.

"No one wants to go home short over the weekend. You have no idea where gold could open Sunday evening if something really goes pear-shaped," said Tai Wong, a New York-based independent metals trader.

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