Gold prices fall
In this article (5)
SJC gold price fell 0.15% to VND67.1 million ($2,852.04) per tael Wednesday morning.
Gold ring price dropped 0.18% to VND56.45 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally gold traded in a narrow range on Wednesday as traders refrained from making big bets ahead of Federal Reserve Chairman Jerome Powell’s congressional testimony, which could offer further insight into the central bank’s interest-rate hike plan,.
Spot gold was almost unchanged at $1,936.99 per ounce. U.S. gold futures too were little changed at $1,948.20.
Powell’s congressional testimonies due on Wednesday and Thursday will be scanned for U.S. interest rate outlook.
Two Federal Reserve policymakers and an economist nominated to join them on the Fed’s Washington-based board on Tuesday said their focus is on bringing down too-high inflation so that the U.S. economy can get back to sustainable growth.
Questions & Answers
Q.What were the specific price changes for SJC gold and gold rings on Wednesday morning?
What were the specific price changes for SJC gold and gold rings on Wednesday morning?
SJC gold price fell 0.15% to VND67.1 million per tael. Gold ring price dropped 0.18% to VND56.45 million per tael. These figures represent the morning's changes.
Q.Why were traders avoiding making significant gold investments on Wednesday?
Why were traders avoiding making significant gold investments on Wednesday?
Traders were refraining from making large bets ahead of Federal Reserve Chairman Jerome Powell’s congressional testimony. They hoped his testimony would offer further insight into the central bank’s interest-rate hike plan.
Q.What is the primary focus of the new Federal Reserve board nominees?
What is the primary focus of the new Federal Reserve board nominees?
Two Federal Reserve policymakers and an economist nominated to join the board stated their focus is on reducing high inflation. This is to help the U.S. Economy return to sustainable growth.
Q.How much does a tael of gold weigh in both grams and ounces?
How much does a tael of gold weigh in both grams and ounces?
A tael of gold is equivalent to 37.5 grams. In imperial measurements, this converts to 1.2 ounces. This unit is used for local gold prices mentioned in the article.
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