Gold price goes up
In this article (4)
SJC gold price rose 0.15% to VND67.25 million ($2,868.10) per tael Thursday morning.
Gold ring price surged 0.53% to VND57.25 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally gold prices traded near record-high levels on Thursday, as U.S. yields and the dollar dipped after the U.S. Federal Reserve hinted it may pause its rate-hike cycle.
Spot gold was up 0.1% at $2,040.46 per ounce. Earlier in the session, prices rose to $2,072.19 per ounce and hovered close to an all-time high of $2,072.49 scaled in 2020.
Gold is helped by “lower yields and a weaker dollar in the aftermath of the recent Fed meet and changes in the policy statement language providing the conviction that the central bank will likely shift towards a rate pause,” said Yeap Jun Rong, market analyst at IG.
The dollar index was down 0.2%, making greenback-priced gold more affordable for overseas buyers. Benchmark U.S. Treasury yields also dropped.
Questions & Answers
Q.Which specific gold products saw price increases according to the article?
Which specific gold products saw price increases according to the article?
SJC gold price rose by 0.15% to VND67.25 million per tael. Separately, the gold ring price surged 0.53% to VND57.25 million per tael.
Q.What is influencing the current global gold prices, as stated in the article?
What is influencing the current global gold prices, as stated in the article?
Global gold prices are trading near record highs because US yields and the dollar have dipped. This followed a hint from the US Federal Reserve about a potential pause in its rate-hike cycle.
Q.How much does a tael of gold weigh in both grams and ounces?
How much does a tael of gold weigh in both grams and ounces?
According to the article, one tael of gold is equivalent to 37.5 grams. This also translates to 1.2 ounces, providing a clear understanding of the unit's weight.
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