Wednesday , March 22 2023

Gold hits one-month high

SJC gold price gained 0.3% to VND67.2 million ($2,848.66) per tael Friday morning, highest since Feb. 15.

Gold ring price went up 0.27% to VND55.2 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices were poised for their biggest weekly gain since mid-November as the global banking crisis sent investors flocking to the safe-haven metal, Reuters reported.

Spot gold was up 0.5% at $1,928.08 per ounce.

Bullion prices have risen about 3.2% so far in the week, heading for a third consecutive weekly gain, lifted by safe-haven demand after the collapse of Silicon Valley Bank (SVB), the largest bank failure since the 2008 financial crisis.

Large U.S. banks injected $30 billion in deposits into First Republic Bank on Thursday to rescue the lender caught up in a widening banking crisis. This came after Swiss lender Credit Suisse said it would borrow up to $54 billion from the Swiss National Bank to shore up liquidity.

The banking crisis seemed supportive for gold “because it led to… the general sense that with this market risk and with credit stress, central banks might back off (on hiking rates),” said Ilya Spivak, head of global macro at Tastylive.

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