Monday , April 22 2024

Gold prices shoot up

SJC gold price gained 0.38% to VND66.8 million ($2,821.55) per tael Saturday morning.

Gold ring price went up 0.74% to VND54.8 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold prices jumped nearly 2% on Friday, driven by a slide in U.S. Treasury yields and broader financial markets as worries over a fallout in the banking sector eclipsed a strong U.S. jobs report and drove safe-haven flows into bullion, Reuters reported.

Spot gold was up 1.8% at $1,863.46 per ounce by 2:26 p.m. in its highest since Feb. 14.

U.S. tech lender SVB’s troubles rippled through global markets and hit banking stocks, shoring up interest in bullion often seen as a safe store of value during uncertain times.

“I think the main focal point is yields and with yields dropping today, that is a boost for the gold market,” said David Meger, director of metals trading at High Ridge Futures.

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