Gold prices increase
In this article (5)
SJC gold prices gained 0.15% to VND67.3 million ($2,871.46) per tael Tuesday morning.
Gold ring prices went up 0.18% to VND55.45 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Global gold prices inched lower on Tuesday, weighed by an uptick in the dollar, although hopes of slower interest rate hikes by the Federal Reserve capped further losses.
Spot gold was down 0.4% at $1,910.48 per ounce. The dollar gained 0.3%. A stronger dollar turns gold less attractive to buyers with other currencies.
“Expectations of the Fed slowing pace of rate hikes has been supporting gold. Currently, we are seeing a technical pullback as prices entered the overbought territory. Also, the dollar is firming slightly,” said Ajay Kedia, director at Kedia Commodities, Mumbai.
“We expect silver to outperform gold in 2023 as there is good industrial and investment demand amid low inventories.”
Questions & Answers
Q.What was the price of SJC gold on Tuesday morning?
What was the price of SJC gold on Tuesday morning?
SJC gold prices increased by 0.15% to VND67.3 million ($2,871.46) per tael on Tuesday morning. This reflects a slight gain for the local gold market.
Q.How did global gold prices perform on Tuesday?
How did global gold prices perform on Tuesday?
Global spot gold prices inched lower by 0.4% to $1,910.48 per ounce on Tuesday. This was primarily due to an uptick in the dollar's value.
Q.What factors influenced global gold prices on Tuesday?
What factors influenced global gold prices on Tuesday?
An uptick in the dollar weighed on global gold prices, making gold less attractive to international buyers. However, expectations of slower interest rate hikes by the Federal Reserve helped to limit further losses.
Q.Why does a stronger dollar affect gold prices?
Why does a stronger dollar affect gold prices?
A stronger dollar generally makes gold less attractive to buyers holding other currencies. This is because gold becomes more expensive when purchased with a devalued currency.
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