Gold prices drop
In this article (5)
SJC gold price fell 0.07% to VND66.95 million ($2,851.06) per tael Saturday morning.
Gold ring price dropped 0.26% to VND56.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally gold slipped on Friday as hotter-than-expected U.S. jobs data lifted Treasury yields, but was on track for a weekly gain as a higher unemployment reading kept alive hopes that the Federal Reserve would pause interest rate hikes.
Spot gold was down 1.4% at $1,951.13 per ounce after hitting a seven-session high earlier. U.S. gold futures settled 1.3% higher at $1,969.6.
Bullion has gained 0.2% so far this week, and is set to break a three-week losing streak.
Questions & Answers
Q.What was the SJC gold price per tael on Saturday morning?
What was the SJC gold price per tael on Saturday morning?
The SJC gold price per tael was VND66.95 million ($2,851.06) on Saturday morning. This reflected a 0.07% drop from its previous level, according to the provided data.
Q.Why did global gold prices drop on Friday?
Why did global gold prices drop on Friday?
Global gold prices slipped on Friday because hotter-than-expected U.S. Jobs data caused Treasury yields to rise. Despite this, gold was still on track for a weekly gain overall.
Q.What is the equivalent weight of one tael?
What is the equivalent weight of one tael?
One tael is equivalent to 37.5 grams. In imperial measurements, this converts to 1.2 ounces. This standard applies to the gold prices mentioned in the article.
Q.What factors influenced gold's potential for a weekly gain despite Friday's drop?
What factors influenced gold's potential for a weekly gain despite Friday's drop?
A higher unemployment reading kept alive hopes that the Federal Reserve would pause interest rate hikes. This sentiment helped gold maintain a positive trajectory for the week, despite its decline on Friday.
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