Gold prices rise
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SJC gold price rose 0.07% to VND67.1 million ($2,858.97) per tael Tuesday morning. Gold ring price went up 0.36% to VND56.1 million per tael.
Globally gold prices edged lower on Tuesday as traders assessed the likely path of the Federal Reserve’s monetary policy after data showed a slump in U.S. manufacturing activity and as OPEC+’s production cut sparked inflationary risks.
Spot gold was down 0.2% at $1,980.39 per ounce. U.S. gold futures dipped 0.1% to $1,997.70.
The dollar index was slightly higher, making bullion expensive for overseas buyers.
Gold in the near term could see “consolidative price action in absence of a fresh catalyst and as markets monitor the extent of price gains in oil as that may throw a curve ball on inflation outlook and complicate monetary policy decision,” said OCBC FX strategist Christopher Wong.
Oil prices steadied with investors’ attention shifting to demand trends and the impact of higher prices on the global economy.
Questions & Answers
Q.Did all gold prices increase on Tuesday morning?
Did all gold prices increase on Tuesday morning?
No, while SJC gold price and gold ring price rose in Vietnam, global spot gold prices edged lower by 0.2%, and U.S. Gold futures dipped 0.1%. The dollar index was also slightly higher.
Q.What caused the drop in global gold prices?
What caused the drop in global gold prices?
Global gold prices edged lower as traders assessed the Federal Reserve’s monetary policy path following a slump in U.S. Manufacturing activity. OPEC+’s production cut also sparked inflationary risks.
Q.How might future oil prices affect the gold market?
How might future oil prices affect the gold market?
OCBC FX strategist Christopher Wong suggested that significant price gains in oil could impact the inflation outlook. This might complicate monetary policy decisions, potentially leading to consolidative price action for gold.
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