Gold prices drop
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Prices of gold bars branded SJC on Saturday dropped VND100,000 ($4.03) from the previous day to VND67.6 million per tael.
Selling prices of gold rings also decreased VND100,000 to VND54.2 million per tael.
SJC gold prices are higher than the world average by some VND14.9 million per tael.
Globally, gold prices were bound for a weekly dip following indications from U.S. Federal Reserve officials that more interest rate hikes were due as the bank seeks to lower inflation.
The slight pullback in gold after the recent rally has been through a technical retracement in the gold market, according to David Meger, director of metals trading at High Ridge Future.
The pullback could continue going into next week’s December option expiration, which could cause a further consolidation in gold, Meger said, adding the market overall seems focused on interest rate expectations from the Fed.
Questions & Answers
Q.How much lower are SJC gold prices in Vietnam compared to yesterday?
How much lower are SJC gold prices in Vietnam compared to yesterday?
SJC gold bar prices dropped VND100,000 from the previous day to VND67.6 million per tael. Selling prices of gold rings also decreased by the same amount to VND54.2 million per tael.
Q.What is causing the global dip in gold prices this week?
What is causing the global dip in gold prices this week?
Globally, gold prices are experiencing a weekly dip because of indications from U.S. Federal Reserve officials that further interest rate hikes are expected as they aim to lower inflation.
Q.Why might the pullback in gold prices continue next week?
Why might the pullback in gold prices continue next week?
The pullback could continue next week due to the upcoming December option expiration, which might lead to further consolidation in gold. The market is also focused on the Fed's interest rate expectations.
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