Gold price inches down
In this article (5)
Saigon Jewelry Company gold ring price fell 0.19% to VND77.3 million (US$3,070.81) per tael Wednesday morning.
Gold bar price was steady at VND79 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices edged lower on Wednesday as the U.S. dollar and Treasury yields strengthened, while traders awaited further cues to gauge the size of the Federal Reserve’s likely September interest rate cut.
Spot gold slipped 0.2% to $2,385.60 per ounce. U.S. gold futures fell 0.3% to $2,425.30.
“A rebound in U.S. Treasury yields and a firmer dollar translate to some downward pressures on gold prices this morning, as pockets of resilience in U.S. economic data seem to prompt a reassessment of market recession concerns,” said IG market strategist Yeap Jun Rong.
Downside in gold may be limited by ongoing Middle East tensions and lingering global recession concerns, as markets await further economic data for clarity on U.S. conditions, Yeap added.
The dollar index rose, making the greenback-priced bullion less affordable for overseas buyers.
Questions & Answers
Q.What was the price of a Saigon Jewelry Company gold ring on Wednesday morning?
What was the price of a Saigon Jewelry Company gold ring on Wednesday morning?
The Saigon Jewelry Company gold ring price fell by 0.19% to VND77.3 million (US$3,070.81) per tael on Wednesday morning.
Q.What caused global gold prices to fall on Wednesday?
What caused global gold prices to fall on Wednesday?
Globally, gold prices edged lower because the U.S. Dollar and Treasury yields strengthened. Traders are also awaiting cues about the Federal Reserve’s September interest rate cut.
Q.What factors might prevent a significant fall in gold prices?
What factors might prevent a significant fall in gold prices?
The downside in gold prices may be limited by ongoing tensions in the Middle East and lingering global recession concerns. Markets are waiting for more U.S. Economic data for clarity.
Q.How does a stronger dollar affect the price of gold for international buyers?
How does a stronger dollar affect the price of gold for international buyers?
A stronger dollar, indicated by the rising dollar index, makes gold priced in greenback less affordable. This affects overseas buyers as their local currencies would buy less gold.
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