Gold prices fall to one-month low
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Prices of gold bars branded SJC on Monday dropped VND250,000 ($10.67) to VND66.55 million per tael, the lowest in a month.
Prices of gold bars of other brands like DOJI and Phu Quy dropped further, by VND300,000-350,000.
Selling prices of gold rings also decreased VND200,000 to VND51.2 million per tael.
Prices of gold bars have declined for three straight trading sessions to the lowest over the past month. SJC gold prices are higher than the world average by some VND17.7 million per tael.
In the world market, gold dropped for a second day after Federal Reserve Chair Jerome Powell pushed back against hopes the U.S. central bank would start easing monetary policy soon, signaling instead that interest rates would keep rising and remain elevated to stamp out inflation.
Spot gold fell as much as 1% to $1,720.45 an ounce, the lowest level since July 27, and traded at $1,723.70 as of 10:21 a.m. in London, according to Bloomberg.
Questions & Answers
Q.What is the current price of SJC gold bars after the recent drop?
What is the current price of SJC gold bars after the recent drop?
SJC gold bars are now priced at VND66.55 million per tael. This represents a drop of VND250,000, making it their lowest price in a month. Other brands saw even larger decreases.
Q.How do SJC gold bar prices compare to the world average currently?
How do SJC gold bar prices compare to the world average currently?
SJC gold bar prices are currently significantly higher than the world average. The difference stands at approximately VND17.7 million per tael, according to the information provided in the article.
Q.What factor contributed to the decline in world gold prices?
What factor contributed to the decline in world gold prices?
World gold prices dropped after Federal Reserve Chair Jerome Powell indicated that the U.S. Central bank plans to keep raising interest rates to combat inflation. This news pushed back against hopes for an early easing of monetary policy.
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