Gold prices increase
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SJC gold price rose 0.15% to VND67.3 million ($2,859.27) per tael Tuesday morning.
Gold ring price went up 0.18% to VND54.9 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally gold prices gained on Tuesday as the dollar pulled back slightly, with traders awaiting U.S. Federal Reserve Chair Jerome Powell’s speech later in the day for hints about future rate hikes after last week’s strong economic data.
Spot gold was 0.4% higher at $1,873.96 per ounce, as of 0316 GMT, after hitting its lowest since Jan. 6 in the previous session.
“Despite another round of upmove in the dollar and yields, the downside in gold prices is more limited, which points to some attempts to stabilise after recent sell-off,” said Yeap Jun Rong, a market analyst at IG.
The dollar index was down 0.2% after touching its highest level in nearly a month on Monday. A weaker greenback makes dollar-priced gold more attractive for buyers holding other currencies.
Questions & Answers
Q.Why did global gold prices increase on Tuesday?
Why did global gold prices increase on Tuesday?
Global gold prices gained on Tuesday because the dollar pulled back slightly. Traders are also awaiting a speech from U.S. Federal Reserve Chair Jerome Powell for hints on future rate hikes.
Q.What is the current global spot gold price per ounce?
What is the current global spot gold price per ounce?
Spot gold was 0.4% higher at $1,873.96 per ounce as of 0316 GMT on Tuesday. This followed it hitting its lowest price since January 6 in the previous session.
Q.How does a weaker dollar affect gold prices?
How does a weaker dollar affect gold prices?
A weaker dollar, also known as a weaker greenback, makes dollar-priced gold more attractive for buyers who hold other currencies. This often leads to an increase in demand for gold.
Q.What was the SJC gold price per tael on Tuesday morning?
What was the SJC gold price per tael on Tuesday morning?
The SJC gold price rose by 0.15% to VND67.3 million per tael on Tuesday morning. A tael is equivalent to 37.5 grams or 1.2 ounces of gold.
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