Gold prices soar to new high
In this article (5)
Saigon Jewelry Company gold bullion prices rose by 0. 35% to VND86.2 million (US$3,390.2) per tael Monday morning, surpassing the previous peak of VND85.8 million achieved last Friday.
Gold ring prices went up by a more modest 0.13% to VND74.9 million per tael. A tael equals 37.5 grams or 1.2 ounces.
The State Bank of Vietnam has been unable to narrow the price gap because its gold auctions have been canceled several times due to low participation as businesses deemed its floor prices to be too high.
Globally, gold price (XAU/USD) loses its recovery momentum around $2,295 on Monday during the early Asian session.
Investors will keep an eye on Fedspeaks this week, along with the first reading of the US Michigan Consumer Sentiment Index for May this Friday
The precious metal climbed to $2,320 after the US Employment data was released last Friday due to the downbeat US economic data but erased its earlier gains after the hawkish remarks from the Fed.
Gold price trades on a softer note near $2,295 on Monday.
Questions & Answers
Q.By how much did gold bullion prices increase in Vietnam on Monday morning?
By how much did gold bullion prices increase in Vietnam on Monday morning?
Saigon Jewelry Company gold bullion prices increased by 0.35% to VND86.2 million per tael on Monday. This new price surpassed the previous high of VND85.8 million, which was recorded last Friday.
Q.Why has the State Bank of Vietnam struggled to reduce the gold price gap?
Why has the State Bank of Vietnam struggled to reduce the gold price gap?
The State Bank of Vietnam has been unsuccessful because its gold auctions have frequently been cancelled. This is due to low participation, as businesses consider the floor prices set for these auctions to be excessively high.
Q.What is the global gold price doing on Monday during the early Asian session?
What is the global gold price doing on Monday during the early Asian session?
Globally, the gold price (XAU/USD) is losing its recovery momentum, trading around $2,295 on Monday morning. It is currently on a softer note near this figure, having erased earlier gains.
Q.What factors influenced the global gold price movement last Friday?
What factors influenced the global gold price movement last Friday?
Last Friday, the global gold price initially climbed to $2,320 after the release of downbeat US Employment data. However, it later erased these gains following hawkish remarks from the Federal Reserve.
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