Gold prices up
In this article (5)
SJC gold gained 0.07% to VND66.9 million ($2,819.45) per tael Friday morning.
Gold ring price rose 0.09% to VND54.1 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally gold prices rose on Friday, on track for their first weekly gain in five, as the dollar eased, even though fears persisted that the U.S. Federal Reserve would keep raising interest rates to curb inflationary pressures.
Spot gold was up 0.3% at $1,840.89 per ounce.
The dollar index eased 0.1%, making bullion more affordable for buyers holding other currencies.
The number of Americans filing new claims for unemployment benefits fell again last week, pointing to sustained labour market strength and adding to fears that the Fed would keep hiking interest rates for longer.
Another report from the U.S. Labor Department on Thursday showed labor costs grew much faster than previously estimated in the fourth quarter.
Questions & Answers
Q.What was the price of SJC gold in VND per tael on Friday morning?
What was the price of SJC gold in VND per tael on Friday morning?
SJC gold was valued at VND66.9 million per tael on Friday morning. This represented a 0.07% increase compared to its previous price.
Q.What is the global spot gold price per ounce and its percentage change?
What is the global spot gold price per ounce and its percentage change?
Globally, spot gold was priced at $1,840.89 per ounce. This marked an increase of 0.3% on Friday, putting it on track for its first weekly gain in five.
Q.Why did the dollar easing contribute to higher global gold prices?
Why did the dollar easing contribute to higher global gold prices?
The dollar index eased by 0.1% on Friday. A weaker dollar makes bullion more affordable for buyers who hold other currencies, thereby increasing demand and price.
Q.What information suggests the US Federal Reserve might continue raising interest rates?
What information suggests the US Federal Reserve might continue raising interest rates?
New claims for unemployment benefits in the US fell again last week, indicating a strong labour market. Also, labor costs grew faster than estimated in the fourth quarter.
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