Gold prices down
In this article (5)
SJC gold price fell 0.22% to VND68.8 million ($2,815.92) per tael Tuesday morning.
Gold ring price dropped 0.09% to VND57.75 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, spot gold slipped 0.1% to $1,914.61 per ounce, while U.S. gold futures fell 0.2% to $1,933.30.
The dollar hit a 10-month high, while benchmark 10-year Treasury yields continued their ascent to a fresh 16-year peak.
Higher interest rates weigh on non-interest-paying bullion, which is priced in dollars.
The European Central Bank’s record high deposit rate could help cut inflation to 2%, ECB President Christine Lagarde said on Monday, repeating the bank’s guidance that neither promises nor rules out further rate hikes.
Questions & Answers
Q.What were the specific price drops for SJC gold and gold rings on Tuesday morning?
What were the specific price drops for SJC gold and gold rings on Tuesday morning?
SJC gold fell by 0.22% to VND68.8 million per tael, while the gold ring price dropped 0.09% to VND57.75 million per tael.
Q.How did global gold prices perform compared to the local market?
How did global gold prices perform compared to the local market?
Globally, spot gold slipped 0.1% to $1,914.61 per ounce, and U.S. Gold futures fell 0.2% to $1,933.30.
Q.What wider economic factors are mentioned as influencing gold prices?
What wider economic factors are mentioned as influencing gold prices?
The dollar reached a 10-month high and 10-year Treasury yields climbed to a 16-year peak. Higher interest rates typically weigh on non-interest-paying bullion.
Q.What is the stated weight of a tael?
What is the stated weight of a tael?
A tael is equivalent to 37.5 grams or 1.2 ounces.
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