Gold Prices Step Up
By Dat Nguyen January 25, 2024 | 11:54 pm PT
The Saigon Jewelry Company gold bar price went up 0.39% to VND76.75 million ($3,118.01) per tael, while the gold ring price rose 0.08% to VND63.95 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices were set for their second consecutive weekly fall due to the resilient U.S. economy, which kept the dollar near multi-week highs. The focus also shifted to a key inflation print later in the day, as reported by Reuters.
Spot gold was relatively unchanged at $2,022.87 per ounce, while U.S. gold futures rose 0.3% to $2,022.70. Both have lost 0.3% so far this week.
Additional insight: The rise in gold prices can be attributed to a combination of factors, including concerns over inflation, geopolitical tensions, and fluctuations in the U.S. dollar. Investors often turn to gold as a safe-haven asset during times of uncertainty. The outlook for gold prices will likely depend on the resolution of these issues and how they impact the global economy.
