Gold prices rise as global rates hit 2-week high
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Saigon Jewelry Company gold price rose 1.01% to VND79.8 million ($3,166.35) per tael Thursday morning.
Gold ring price went up 0.45% to VND77.65 million.
Globally gold prices climbed to a two-week high on Thursday as U.S. Federal Reserve Chair Jerome Powell opened the door to cutting interest rates as early as September.
Spot gold was steady at $2,448.38 per ounce, after hitting its highest level since July 18 earlier in the session. Prices were just about $35 shy of the record high of $2483.60 scaled on July 17.
U.S. gold futures firmed 0.8% to $2,492.50.
“Gold bulls couldn’t resist the urge to buy more gold after the Fed effectively signalled the beginning of its rate-cut cycle. But gold bugs may want to warrant some caution above $2,500, given gold’s reluctance to hold on to gains around these levels,” City Index senior analyst Matt Simpson said.
Questions & Answers
Q.What caused the global gold price increase on Thursday?
What caused the global gold price increase on Thursday?
Global gold prices climbed to a two-week high on Thursday because U.S. Federal Reserve Chair Jerome Powell indicated that interest rates could be cut as early as September. This signal from the Fed encouraged gold purchases.
Q.How close are current global gold prices to the record high?
How close are current global gold prices to the record high?
Spot gold prices were steady at $2,448.38 per ounce on Thursday. This figure is approximately $35 short of the record high of $2483.60, which was reached on July 17.
Q.What is the advice for investors considering buying gold above $2,500?
What is the advice for investors considering buying gold above $2,500?
City Index senior analyst Matt Simpson suggests caution for 'gold bugs' looking to buy above $2,500. This warning is due to gold's historical reluctance to sustain gains around those price levels.
Q.What was the price of Saigon Jewelry Company gold on Thursday morning?
What was the price of Saigon Jewelry Company gold on Thursday morning?
Saigon Jewelry Company gold price rose by 1.01% on Thursday morning, reaching VND79.8 million per tael. This is equivalent to $3,166.35, following the increase.