Gold prices down
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SJC gold price fell 0.15% to VND68.8 million ($2,855.19) per tael Tuesday morning.
Gold ring price was stable at VND57.25 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally gold prices settled into a holding pattern on Tuesday as investors awaited U.S. inflation figures that could provide an updated view on interest rates after the Federal Reserve kept the door open for further policy tightening.
Spot gold was flat at $1,922.30 per ounce, while U.S. gold futures eased 0.1% to $1,946.10.
Market activity is likely to be broadly subdued until the U.S. Consumer Price Index (CPI) data is out on Wednesday, which could guide U.S. interest rates after a widely expected pause by the Fed next week.
“A CPI number coming in in-line or even slightly higher would likely place some short-term pressure on gold,” said Nicholas Frappell, global head of institutional markets at ABC Refinery.
Questions & Answers
Q.Why are global gold prices currently in a holding pattern?
Why are global gold prices currently in a holding pattern?
Global gold prices are currently in a holding pattern because investors are waiting for the release of U.S. Inflation figures. These figures could provide a clearer view on potential interest rate changes after the Federal Reserve's recent policy decisions.
Q.What specifically might cause short-term pressure on gold prices?
What specifically might cause short-term pressure on gold prices?
A Consumer Price Index (CPI) number that comes in as expected or even slightly higher could put short-term pressure on gold. This is because the CPI data is expected to influence U.S. Interest rates.
Q.How does the SJC gold price in Vietnam compare to the global spot gold price mentioned?
How does the SJC gold price in Vietnam compare to the global spot gold price mentioned?
The SJC gold price in Vietnam fell by 0.15% to VND68.8 million per tael on Tuesday morning. Globally, spot gold was flat at $1,922.30 per ounce, showing a stable trend on the same day.
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