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.
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 Tuesday slightly, “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 for gold per tael by Saigon Jewelry Company on Wednesday?
What was the selling price for gold per tael by Saigon Jewelry Company on Wednesday?
Saigon Jewelry Company (SJC) sold its gold at VND64.5 million ($2,716) per tael on Wednesday morning. This price marked a 1.68% decrease compared to Tuesday's price.
Q.How much has the global gold price fallen this week?
How much has the global gold price fallen this week?
The global gold price has decreased by 0.31% this week. It is currently trading at $1,625 per ounce, largely due to the strengthening U.S. Dollar.
Q.What was the reason for the recent decline in gold prices?
What was the reason for the recent decline in gold prices?
Gold prices are facing pressure primarily from the surging U.S. Dollar. The USD Index has recently risen by nearly 0.4% in a single day, impacting gold's value.
Q.Did the slight recovery in global gold price on Tuesday indicate a market change?
Did the slight recovery in global gold price on Tuesday indicate a market change?
No, according to commodity strategist Ryan McKay, the slight recovery on Tuesday was just a minor rebound. He stated it did not signify any fundamental change occurring in the gold market after recent weakness.
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