Gold prices increase
In this article (5)
Gold ring price rose 0.18% to VND56.6 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally gold prices eased on Wednesday, set for a monthly drop, as progress in the U.S. debt ceiling deal and expectations that the Federal Reserve will likely raise interest rates further eroded bullion’s safe-haven status.
Spot gold fell 0.2% to $1,955.28 per ounce, and lost 1.7% so far this month. U.S. gold futures eased 0.2% to $1,954.80.
An overnight decline in Treasury yields have allowed gold prices to defend its support confluence zone at the $1,940 level for now, but intermittent bounces since early-May have been short-lived, which raises the chances that it could be the same this time round as well, said Yeap Jun Rong, a market analyst at IG.
Questions & Answers
Q.Why are global gold prices easing?
Why are global gold prices easing?
Global gold prices eased due to progress in the U.S. Debt ceiling deal and expectations that the Federal Reserve will likely raise interest rates further, eroding gold's safe-haven status.
Q.What is the current global spot gold price per ounce?
What is the current global spot gold price per ounce?
Spot gold currently stands at $1,955.28 per ounce after falling 0.2%. It has lost 1.7% so far this month, contributing to a monthly drop.
Q.What is the price of a gold ring per tael?
What is the price of a gold ring per tael?
The price of a gold ring increased by 0.18% to VND56.6 million per tael. A tael is equivalent to 37.5 grams or 1.2 ounces.
Q.What is supporting gold prices currently, and is this likely to last?
What is supporting gold prices currently, and is this likely to last?
An overnight decline in Treasury yields is allowing gold prices to defend the $1,940 support level. However, a market analyst suggests intermittent bounces since early-May have been short-lived, raising chances this bounce could also be brief.
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