Gold prices rise
In this article (5)
SJC gold prices gained 0.15% to VND67 million ($2,857.27) per tael Wednesday afternoon.
Gold ring prices went up 0.09% to VND54.55 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Gold prices scaled an eight-month peak on Wednesday, underpinned by a subdued dollar, although they traded in a tight range as traders positioned themselves for inflation data that could influence the U.S. Federal Reserve’s rate-hike stance, Reuters reported.
Spot gold was up 0.3% at $1,883.48 per ounce, highest since early May.
The dollar index slipped 0.1%, making greenback-priced bullion cheaper for overseas buyers. Benchmark U.S. 10-year Treasury yields also edged lower.
Overall, it looks like gold is currently consolidating into a range as the focus turns to the U.S. consumer price index (CPI) data on Thursday, said Ilya Spivak, head of global macro at Tastytlive.
“If the data shows inflation is softer, then gold might go north of the $1,900 level. However, seeing if gold can get much traction beyond that would be interesting.”
Questions & Answers
Q.What is influencing the current movement of gold prices?
What is influencing the current movement of gold prices?
Gold prices are being influenced by a subdued dollar and traders positioning themselves for upcoming inflation data. This data could affect the U.S. Federal Reserve's future rate-hike stance.
Q.Which specific gold prices increased according to the report?
Which specific gold prices increased according to the report?
SJC gold prices rose by 0.15% to VND67 million per tael, while gold ring prices increased by 0.09% to VND54.55 million per tael. Spot gold was also up 0.3% at $1,883.48 per ounce.
Q.What is the significance of the U.S. Consumer price index data for gold prices?
What is the significance of the U.S. Consumer price index data for gold prices?
The U.S. Consumer price index data is a key focus. If it indicates softer inflation, gold might rise above the $1,900 level. Traders are waiting to see if it can gain further traction.
Q.How much does a tael of gold weigh in grams and ounces?
How much does a tael of gold weigh in grams and ounces?
A tael of gold is equivalent to 37.5 grams. In imperial measurements, this converts to 1.2 ounces. This standard is provided within the article to clarify the weight.
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