Gold price up
In this article (5)
SJC gold price gained 0.07% to VND67.25 million ($2,844.76) per tael Thursday morning.
Gold ring price rose 0.26% to VND57.1 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally gold prices inched up on Thursday, hovering near an eight-week peak on bets that the U.S. Federal Reserve might soon hit pause on its interest rate-hiking cycle.
Spot gold rose 0.1% to $1,978.59 per ounce. U.S. gold futures were little changed at $1,981.30.
The dollar index wobbled near a more than one-year low, making gold cheaper for holders of other currencies.
The Fed is expected to raise rates by 25 basis points (bps) in their meeting next week, keeping them in the 5.25%-5.5% range until cuts are seen 2024 onwards, per CME’s Fedwatch tool.
Questions & Answers
Q.What is the current global spot gold price mentioned in the article?
What is the current global spot gold price mentioned in the article?
Globally, spot gold rose by 0.1% to reach $1,978.59 per ounce on Thursday. This price movement occurred while gold hovered near an eight-week peak, reflecting expectations of a potential pause in US interest rate hikes.
Q.How much did the SJC gold price increase in local currency?
How much did the SJC gold price increase in local currency?
The SJC gold price saw an increase of 0.07% to VND67.25 million per tael on Thursday morning. A tael is equivalent to 37.5 grams or 1.2 ounces, providing a clear measure of this rise.
Q.What is influencing the global gold price nearing an eight-week peak?
What is influencing the global gold price nearing an eight-week peak?
The global gold price is nearing an eight-week peak due to speculation that the U.S. Federal Reserve might soon pause its interest rate-hiking cycle. A weaker dollar also makes gold more affordable for holders of other currencies.
Q.What is the expected outcome of the U.S. Federal Reserve's meeting next week?
What is the expected outcome of the U.S. Federal Reserve's meeting next week?
The U.S. Federal Reserve is anticipated to raise rates by 25 basis points in their upcoming meeting. Following this, rates are expected to remain in the 5.25%-5.5% range until potential cuts are seen from 2024 onwards.
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