Gold surges to 3-week high

By Dat Nguyen   March 12, 2023 | 08:58 pm PT
Gold surges to 3-week high
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
SJC gold price surged 0.37% to VND67.05 million ($2,846.53) per tael Monday morning, highest in three weeks.

Gold ring went up 0.46% to VND55.05 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices rose on Monday to their highest in more than five weeks as the dollar weakened, while jitters over the largest U.S. bank failure since the 2008 financial crisis drove investors to the safe-haven asset, Reuters reported.

Spot gold was up 0.5% at $1,877.30 per ounce after hitting its highest since Feb. 3 earlier in the session at $1,893.96.

The dollar index was down 0.4%, making bullion cheaper for buyers holding other currencies.

U.S. officials stepped in to stem financial fallout from the failure of tech startup-focused Silicon Valley Bank, saying that all customers would have access to their deposits starting on Monday.

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