Wednesday , May 29 2024

Gold prices set another record

SJC gold price rose 1.39% to VND76.8 million ($3,164.40) per tael Friday morning, a new historic peak.

Gold ring price rose 0.4% to VND62.75 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Gold prices have risen more than 3% in the last seven days.

Globally gold prices climbed on Friday to their highest level in nearly three weeks, as rising bets on Federal Reserve interest rate cuts early next year pushed the dollar and bond yields lower ahead of much awaited U.S. inflation data, Reuters reported.

Spot gold was up 0.2% at $2,049.49 per ounce, as of 0217 GMT, after hitting its highest since Dec. 4 earlier in the session. Bullion has risen 1.6% so far this week.

U.S. gold futures rose 0.5% to $2,060.80 per ounce.

The dollar index languished near a five-month low, making gold more attractive for other currency holders, while benchmark U.S. 10-year bond yields hovered near their lowest level since July.

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