Gold ring price inches up
In this article (4)
Saigon Jewelry Company gold ring price rose 0.07% to VND75.95 million (US$2,987.21) per tael Wednesday morning.
Gold bar price was stable at VND76.98 million per tael. A tael equals 37.5 grams or 1.2 ounces
Gold price was at $2,367.43 per ounce at the time of publishing.
The growing speculation that the US Federal Reserve (Fed) is likely to start cutting rates as early as September continues to support the non-yielding metal. Furthermore, political uncertainties within Europe and globally might boost Gold price, a traditional safe-haven asset.
On the other hand, the pause of China’s central bank Gold purchases for a second consecutive month might prompt traders to reduce bullish bets in the yellow metal as China is the world’s largest gold consumer.
Questions & Answers
Q.What are the current prices for gold rings and gold bars in Vietnam?
What are the current prices for gold rings and gold bars in Vietnam?
A gold ring costs VND75.95 million (US$2,987.21) per tael, having risen 0.07%. A gold bar remains stable at VND76.98 million per tael.
Q.What global factors are currently influencing the price of gold?
What global factors are currently influencing the price of gold?
Speculation that the US Federal Reserve may cut rates soon and political uncertainties in Europe and globally are supporting gold prices. The pause in China’s gold purchases, however, might reduce bullish bets.
Q.How much does a tael of gold weigh?
How much does a tael of gold weigh?
A tael of gold is equivalent to 37.5 grams. This also translates to 1.2 ounces, providing a clear measurement for the amount of gold being discussed.