Vietnam gold bar price increases despite global dip
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Vietnam gold bar price rose 0.59% to VND85 million (US$3,421.22) per tael Monday morning while global rates inched down.
Gold ring price held firm at VND83 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices eased on Monday, weighed down by a firmer U.S. dollar, while investors looked out for fresh clues on Federal Reserve interest rate cuts.Spot gold fell 0.2% to $2,651.99 per ounce after rising 1% in the previous session. U.S. gold futures lost 0.3% to $2,669.20.
“The continued momentum of the U.S. currency on reigned-in rate cutting expectations has created an obstacle for the gold price,” said Tim Waterer, chief market analyst at KCM Trade.
Data on Friday showed unchanged U.S. producer prices last month.
The zero-yielding bullion is preferred in a low-interest rate environment as well as amid periods of economic and geopolitical turmoil.
Questions & Answers
Q.What was the price of a tael of gold bar in Vietnam on Monday morning?
What was the price of a tael of gold bar in Vietnam on Monday morning?
A tael of gold bar in Vietnam cost VND85 million (US$3,421.22) on Monday morning. This represented a 0.59% increase despite global rates inching down on the same day.
Q.What was the global spot gold price on Monday, and how did it change?
What was the global spot gold price on Monday, and how did it change?
Globally, spot gold fell 0.2% to $2,651.99 per ounce on Monday. This decline followed a 1% rise in the previous trading session, influenced by a firmer U.S. Dollar.
Q.Why did global gold prices ease on Monday?
Why did global gold prices ease on Monday?
Global gold prices eased on Monday due to a firmer U.S. Dollar and investors awaiting new information on Federal Reserve interest rate cuts. The momentum of the U.S. Currency acted as an obstacle for gold prices.
Q.How much does one tael weigh in grams and ounces?
How much does one tael weigh in grams and ounces?
One tael is equivalent to 37.5 grams or 1.2 ounces. This measurement is used for pricing gold in Vietnam, as referenced in the article.
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