Gold prices hits high
In this article (5)
SJC gold price surged 1.14% to VND71 million per tael Saturday morning, affected by a jump in the global market.
Gold ring price went up 0.95% to VND58.15 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally gold prices jumped more than 3% on Friday and were poised for their best week in seven months as the intensifying conflict in the Middle East sent investors scurrying for safe-haven assets.
Zero-yield bullion got an additional fillip from expectations that the U.S. interest rates may have peaked.
Spot gold was up 3.2% at $1,928.15 per ounce. U.S. gold futures settled 3.1% higher at $1,941.50. Prices were up 5.2% for the week.
“Investors are fleeing to safe havens as the risks of Middle East tensions grow,” said Edward Moya, senior market analyst at OANDA.
“If the geopolitical situation gets gloomier, there is a good chance that gold prices could go to the $2,000 levels this year. We have come from mid-$1,800s to mid-$1,900s, $2,000 is just a fraction of that.”
Questions & Answers
Q.What specifically caused the global gold price to increase this week?
What specifically caused the global gold price to increase this week?
Global gold prices rose due to the escalating conflict in the Middle East, prompting investors to seek safe-haven assets. Expectations that US interest rates might have peaked also contributed to the surge in prices.
Q.How much has the SJC gold price in Vietnam increased, and what is its new value?
How much has the SJC gold price in Vietnam increased, and what is its new value?
The SJC gold price in Vietnam surged by 1.14% on Saturday morning. This increase brought its new value to VND71 million per tael, mirroring the global market's upward trend.
Q.What is the expert's prediction for gold prices if Middle East tensions worsen?
What is the expert's prediction for gold prices if Middle East tensions worsen?
Edward Moya, senior market analyst at OANDA, predicts that gold prices could reach the $2,000 level this year. This is based on the increasing risks associated with the geopolitical situation becoming gloomier.
Q.What is the equivalent weight of a tael in standard measurements?
What is the equivalent weight of a tael in standard measurements?
A tael is equivalent to 37.5 grams. Alternatively, it can also be measured as 1.2 ounces, providing a clear conversion for this unit of weight.
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