Gold prices inch down
In this article (5)
SJC gold price dropped 0.15% to VND67.3 million ($2,865.05) per tael Monday morning. Gold ring price went up 0.46% to VND54.8 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Reuters reported that global gold prices hit a more than four-week low on Monday, as the U.S. dollar firmed after stronger-than-expected jobs data fanned concerns that the Federal Reserve might keep hiking interest rates.
Spot gold was little changed at $1,865.88 per ounce, as of 0045 GMT, after hitting its lowest level since January 6 earlier in the session.
The dollar index was 0.2% higher, making gold less attractive for buyers holding other currencies.
Data on Friday showed U.S. job growth accelerated sharply last month, with nonfarm payrolls surging by 517,000 jobs – well above an estimated 185,000. The unemployment rate hit more than a 53-1/2-year low of 3.4%.
Questions & Answers
Q.Did all gold prices fall on Monday, or were there different trends?
Did all gold prices fall on Monday, or were there different trends?
SJC gold price dropped by 0.15% to VND67.3 million per tael on Monday. However, the gold ring price went up by 0.46% to VND54.8 million per tael on the same day.
Q.What is the main reason global gold prices hit a four-week low?
What is the main reason global gold prices hit a four-week low?
Global gold prices fell as the U.S. Dollar firmed. This was due to stronger-than-expected jobs data, which raised concerns about continued interest rate hikes by the Federal Reserve.
Q.How did the latest U.S. Jobs data influence the dollar and, consequently, gold prices?
How did the latest U.S. Jobs data influence the dollar and, consequently, gold prices?
U.S. Job growth accelerated significantly last month, with nonfarm payrolls surging by 517,000 and unemployment hitting a 53-1/2-year low. This strengthened the dollar, making gold less attractive to buyers with other currencies.
Q.What is the equivalent weight of a tael of gold?
What is the equivalent weight of a tael of gold?
A tael is a traditional unit of weight used for gold. It is equivalent to 37.5 grams or 1.2 ounces, as stated in the article.
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