Gold surges to two-week high

By Reuters   January 13, 2024 | 12:55 am PT
Gold surges to two-week high
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bar price jumped 2.24% to VND77.45 million ($3,160.58) per tael Saturday morning.

Gold ring price went up 0.32% to VND63.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices scaled a one-week peak on Friday as an escalation in the Middle East conflict fuelled safe-haven buying, while softer U.S. producer price inflation boosted bets that the Federal Reserve might cut interest rates sooner, Reuters reported.

Spot gold was up 1% at $2,048.21 per ounce after climbing as much as 1.7% earlier in the session.

Bullion was mostly flat on the week, but extended its run above the $2,000 level to nearly a month. U.S. gold futures settled 1.6% higher at $2,051.60.

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