Gold price gains in Vietnam, drops globally
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Gold price went up marginally in Vietnam but fell globally as investors took profit Tuesday morning.
Saigon Jewelry Company gold bar increased by 0.23% to VND87.1 million (US$3,430.49) per tael.
Gold ring price went up 0.23% to VND85.9 million per tael.
Globally gold slipped as investors booked profits after prices hit more than one-month high earlier in the day on increased expectations of an interest rate cut by the Federal Reserve next week.
Spot gold shed 0.5% to $2,704.41 per ounce. It hit the highest since Nov. 6 earlier in the session.
U.S. gold futures fell 0.5% to $2,744.60.
“It’s just profit booking because we’ve seen a good rally in gold due to various factors this week, including geopolitical tensions, China resuming gold purchases and the inflation number yesterday being in line with expectation,” said Ajay Kedia, director at Kedia Commodities, Mumbai.
Questions & Answers
Q.Why did the global gold price fall on Tuesday?
Why did the global gold price fall on Tuesday?
Global gold prices fell as investors took profits after reaching a more than one-month high earlier in the day. This was influenced by increased expectations of an interest rate cut by the Federal Reserve next week.
Q.What factors contributed to the recent rally in gold prices before the profit-taking?
What factors contributed to the recent rally in gold prices before the profit-taking?
A director at Kedia Commodities mentioned several factors contributing to the recent gold rally. These included geopolitical tensions, China resuming gold purchases, and an inflation number that met expectations.
Q.How much did gold bars increase in Vietnam?
How much did gold bars increase in Vietnam?
Saigon Jewelry Company gold bars increased by 0.23%. Their price went up to VND87.1 million (US$3,430.49) per tael on Tuesday morning.
Q.What was the global spot gold price after it slipped?
What was the global spot gold price after it slipped?
Globally, spot gold shed 0.5%, settling at $2,704.41 per ounce. Earlier in the session, it had reached its highest level since November 6th.
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