Gold prices fall
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SJC gold price dropped 0.44% to VND67.5 million ($2,878.46) per tael Friday afternoon.
Gold ring price fell 0.54% to VND55.2 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Global gold prices steadied on Friday after a sharp sell-off in the previous session, as traders digested rate-hike remarks from global central banks, but the metal was set for its first weekly drop in seven amid a strong dollar.
Spot gold was up 0.1% at $1,914.33 per ounce.
“With gold prices delivering a stellar performance of more than 20% over the past three months, some positioning for softer rate-hike bets could already have been at play and having found the much-needed validation from the recent FOMC meeting,” said Yeap Jun Rong, a market analyst at IG.
Therefore, it may trigger some near-term profit-taking, “but for gold prices, a greater conviction for sellers could be a break below the $1,895 level, where dip-buyers were seen stepping in this week just before the meeting,” the analyst added.
Questions & Answers
Q.How did the SJC gold price change on Friday afternoon?
How did the SJC gold price change on Friday afternoon?
The SJC gold price dropped by 0.44% to VND67.5 million per tael on Friday afternoon. This is equivalent to $2,878.46 for the same quantity.
Q.What is the global gold price per ounce at the moment?
What is the global gold price per ounce at the moment?
Spot gold was up 0.1% at $1,914.33 per ounce on Friday. This figure comes after global prices steadied following a sharp sell-off in the previous session.
Q.Why might some investors be selling gold now?
Why might some investors be selling gold now?
Some investors may be engaging in near-term profit-taking after gold prices delivered a strong performance, rising more than 20% over the past three months. Positioning for softer rate-hike bets may also be a factor.
Q.What level would indicate a stronger selling conviction for gold prices?
What level would indicate a stronger selling conviction for gold prices?
A stronger selling conviction for gold prices could be indicated by a break below the $1,895 level. Dip-buyers were observed stepping in at this price point earlier in the week.
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