Gold prices decline slightly
In this article (5)
SJC gold price dropped 0.07% to VND69.75 million (US$2,864.12) per tael on Tuesday morning.
Gold ring price downed 0.08% to VND57.3 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices held near their highest levels in more than a week on Wednesday as comments from U.S. Federal Reserve officials suggested that a recent surge in Treasury yields might reduce the need for more rate hikes, sending the dollar lower.
Spot gold was up 0.1% at $1,860.97 per ounce by 0136 GMT, having hit its highest level since Sept. 29 on Tuesday. U.S. gold futures held their ground at $1,874.50.
Bloomberg said Wednesday that a slump in gold prices to a seven-month low in India may stimulate demand in the current festive season, when people traditionally buy more coins and ornaments.
Strong purchases during the October-December festival period, considered an auspicious time to own and wear gold, may underpin the global market.
Questions & Answers
Q.What was the price of SJC gold per tael on Tuesday morning?
What was the price of SJC gold per tael on Tuesday morning?
SJC gold dropped to VND69.75 million (US$2,864.12) per tael on Tuesday morning. This represented a 0.07% decline from its previous price.
Q.How much does a tael of gold weigh?
How much does a tael of gold weigh?
A tael is a unit of weight specified in the article. It is equivalent to 37.5 grams or 1.2 ounces. This helps in understanding the gold prices quoted.
Q.What is the global spot gold price per ounce?
What is the global spot gold price per ounce?
Globally, spot gold was up 0.1% at $1,860.97 per ounce by 0136 GMT. This price point was recorded on Wednesday, having reached its highest level since September 29 on Tuesday.
Q.Why might gold demand in India increase during the current festive season?
Why might gold demand in India increase during the current festive season?
A slump in gold prices to a seven-month low in India may stimulate demand. People traditionally buy more gold coins and ornaments during the October-December festival period, considering it auspicious.