Gold heads up after plunge
In this article (5)
Saigon Jewelry Company gold bar price rose 0.75% to VND81.1 million ($3,283.73) per tael Thursday.
Gold bar plunged 2.42% Wednesday after reaching a new historic peak of VND82.5 million.
The gold ring price increased VND0.88% to VND69 million per tael on Thursday. A tael equals 37.5 grams or 1.2 ounces.
Globally gold prices traded flat in early Asian trade hours on Thursday, within close range of record-high levels on a broadly weaker dollar, as traders awaited more economic data that could steer hopes for a mid-year rate cut by the U.S. Federal Reserve.
Spot gold was flat at $2,173.89 per ounce. U.S. gold futures dipped 0.1% to $2,178.20.
The Fed is expected to hold rates steady at its policy meeting next week, but the focus will be on the ‘dot plot’ projections. The U.S. central bank in its December meeting pencilled three-quarter-point rate cuts for 2024.
Questions & Answers
Q.What was the gold bar price on Wednesday before its fall?
What was the gold bar price on Wednesday before its fall?
On Wednesday, the gold bar price reached a new historic peak of VND82.5 million before plunging. This was a 2.42% decrease from that high.
Q.How do local gold prices compare to global trends on Thursday?
How do local gold prices compare to global trends on Thursday?
Locally, gold bar and ring prices increased on Thursday. Globally, gold prices traded flat in early Asian hours, close to record-high levels.
Q.What is influencing global gold prices and US Federal Reserve decisions?
What is influencing global gold prices and US Federal Reserve decisions?
A broadly weaker dollar and traders awaiting more economic data are influencing global gold prices. Traders also hope for a mid-year rate cut by the U.S. Federal Reserve.
Q.What are the expectations for the U.S. Federal Reserve's policy meeting next week?
What are the expectations for the U.S. Federal Reserve's policy meeting next week?
The Fed is expected to hold rates steady at its upcoming policy meeting. The focus will be on the ‘dot plot’ projections for future rate changes.
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