Gold prices rise
In this article (5)
Prices of gold bars branded SJC on Wednesday increased VND100,000 ($4.02) from the previous day to VND67.5 million ($2,706) per tael.
Prices of gold rings branded SJC dropped VND250,000 from the previous day to VND53.85 million per tael.
SJC gold prices are higher than the world average by some VND15.3 million per tael.
Globally, gold prices were flat on Wednesday, as investors held back from making big bets ahead of the U.S. Federal Reserve’s latest policy meeting minutes, which could offer clues on further interest rate hikes, Reuters said.
“There is some nervousness in the market ahead of the Fed minutes,” said Edward Meir, an analyst with ED&F Man Capital Markets.
Market participants are awaiting the minutes of Fed’s Nov. 1-2 policy meeting due at 1900 GMT. U.S. durable goods data and weekly initial jobless claims are also on the radar.
Although gold is seen as a hedge against inflation, rising U.S. interest rates dull non-yielding bullion appeal.
“In the near term, expect gold prices to work a bit higher from here into year-end because I see the dollar weakening some more and we are very close to peaking out on inflation and interest rates,” Meir said.
Questions & Answers
Q.What was the price of SJC gold bars on Wednesday?
What was the price of SJC gold bars on Wednesday?
On Wednesday, SJC gold bars were priced at VND67.5 million (£2,300) per tael. This represented an increase of VND100,000 (£3.40) from the previous day's price.
Q.How did SJC gold ring prices change on Wednesday?
How did SJC gold ring prices change on Wednesday?
Prices for SJC branded gold rings fell by VND250,000 (£8.50) from the previous day. Their new price on Wednesday was VND53.85 million (£1,830) per tael.
Q.Why were global gold prices flat on Wednesday?
Why were global gold prices flat on Wednesday?
Global gold prices remained unchanged as investors waited for the U.S. Federal Reserve’s latest policy meeting minutes. These minutes could provide information on potential future interest rate increases.
Q.What is the expert forecast for gold prices towards the end of the year?
What is the expert forecast for gold prices towards the end of the year?
Edward Meir, an analyst, expects gold prices to rise slightly into year-end. He anticipates a weakening dollar and believes inflation and interest rates are nearing their peak.
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