Gold prices dip further after two-month low
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Vietnam gold prices continued to fall Wednesday after hitting a two-month low as the precious metal faces pressure from the surging U.S. dollar.
Saigon Jewelry Company (SJC) sold its gold at VND64.5 million ($2,716) per tael in the morning, down 1.68% from Tuesday. VND million per tael (VND1 million = $42.11)SJC gold price
Other companies also let prices slide down by roughly the same rate. Global gold price has gone down 0.31% this week to $1,625 per ounce as the USD Index has gone up nearly 0.4% in a single day.
Also global gold price improved slightly Tuesday, “it was just a little bit of a recovery after some of the extreme weakness seen over recent days,” said Ryan McKay, commodity strategist at TD Securities.
He said that the rebound did not show really fundamental change taking place in the gold market.
Questions & Answers
Q.What was the selling price of SJC gold per tael on Wednesday morning?
What was the selling price of SJC gold per tael on Wednesday morning?
Saigon Jewelry Company (SJC) sold its gold at VND64.5 million per tael on Wednesday morning. This price was down 1.68% compared to the previous day, Tuesday.
Q.How much has the global gold price changed this week?
How much has the global gold price changed this week?
The global gold price has decreased by 0.31% this week. It is currently valued at $1,625 per ounce, reflecting pressure from the rising U.S. Dollar.
Q.What is causing the pressure on gold prices?
What is causing the pressure on gold prices?
Gold prices are facing pressure primarily due to the surging U.S. Dollar. The USD Index has increased by nearly 0.4% in a single day, impacting the value of the precious metal.
Q.Did Tuesday's slight recovery in global gold prices indicate a fundamental change?
Did Tuesday's slight recovery in global gold prices indicate a fundamental change?
No, Ryan McKay, a commodity strategist at TD Securities, stated that Tuesday's slight recovery was only a small rebound after extreme weakness. He confirmed it did not signify any fundamental change in the gold market.
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