Thursday , June 20 2024

Gold prices continue upward trend


SJC gold price rose 0.68% to VND74 million ($3,046.52) per tael Saturday morning.

Gold ring price went up 0.63% to VND62.65 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally, gold prices rallied to an all-time high on Friday after remarks from Federal Reserve Chair Jerome Powell increased traders’ confidence the U.S. central bank had completed its monetary policy tightening and could cut rates starting March, Reuters reported.

Spot gold climbed 1.6% to $2,069.10 per ounce. Prices were 3.4% higher so far this week, and earlier rose to $2,075.09 per ounce to beat the previous all-time high of $2,072.49 scaled in 2020.

“Gold bulls are focusing on Powell’s comment that rate is well into restrictive territory which plays into the narrative that cuts will come sooner, pointedly ignoring his warning that it was premature to speculate on easing rates,” Tai Wong, a New York-based independent metals trader.

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