Gold plummets to 8-month low
In this article (5)
SJC’s gold price plunged by 3.1 percent to VND62.5 million (US$2,667.18) per tael Tuesday, the lowest in eight months, after recording a historic decrease Monday.
The drop was the second biggest single-day decline for the safe haven metal after the 6 percent fall Monday.
A tael equals 37.5 grams or 1.2 ounces.
Global gold prices fell to their lowest in 11 months last week as the U.S. dollar has been gaining this year amid concerns of inflation and geopolitical tensions.
But they rose by 1.1 percent Monday to $1,708.18 per ounce.
Questions & Answers
Q.What was the total decrease in SJC’s gold price across Monday and Tuesday?
What was the total decrease in SJC’s gold price across Monday and Tuesday?
SJC's gold price fell by 6 percent on Monday, followed by a 3.1 percent plunge on Tuesday. This made Tuesday's price the lowest in eight months, after Monday's historic decrease.
Q.How much was one tael of gold worth in Vietnamese Dong on Tuesday?
How much was one tael of gold worth in Vietnamese Dong on Tuesday?
On Tuesday, one tael of SJC gold was priced at VND62.5 million. This price represented an 8-month low for the safe haven metal, following a significant drop the previous day.
Q.What is the primary reason global gold prices have been falling recently?
What is the primary reason global gold prices have been falling recently?
Global gold prices have been falling due to the U.S. Dollar gaining strength this year. This dollar strength is occurring amid ongoing concerns about inflation and geopolitical tensions in the wider market.
Q.What is the equivalent weight of one tael of gold?
What is the equivalent weight of one tael of gold?
One tael of gold is equivalent to 37.5 grams. In imperial measurements, this quantity translates to 1.2 ounces. This standard unit helps quantify the precious metal's value.
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