Gold prices surge to 2-month high

Gold ring price went up 0.26% to VND57 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold rallied 1% on Friday, recouping some losses from earlier this week, on renewed worries about the stability of the banking sector, while traders slashed bets for another interest rate hike following remarks from the U.S. Federal Reserve chairman, Reuters reported.

Spot gold gained 1.2% to $1,981.79 per ounce. U.S. gold futures settled 1.1% higher at $1,981.60.

“Gold is up more on Yellen than a cautious Powell which still suggests that June will be a ‘skip’ meeting unless data over the next few weeks is especially troublesome,” Tai Wong, a New York-based independent metals trader, said.

Shares of U.S. regional lenders fell after CNN reported that U.S. Treasury Secretary Janet Yellen told bank chief executives that more mergers may be necessary following a series of bank failures.