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Tag: bullion

  • Vietnam Gold Prices Plunge Amid Record Global Bullion Weekly Losses

    Vietnam Gold Prices Plunge Amid Record Global Bullion Weekly Losses

    In Vietnam, the price of gold witnessed a decline on Friday morning, following the global trend where bullion rates are experiencing the steepest weekly fall in six years. The price of a gold bar from Saigon Jewelry Company fell by 0.34%, coming down to VND174.9 million ($6,645.9) per tael. This rate was echoed by other sellers in the market.

    Locally, bullion prices have seen a 9% decrease from the peak of VND191.3 million per tael, which was recorded in January. Despite the recent slip, the prices are still 10% higher on a year-on-year basis. Currently, the local rates are approximately VND26.5 million per tael more than the global rates.

    The price of gold rings followed a similar pattern, slipping to VND174 million per tael. It is important to note that a tael is equivalent to 37.5 grams or 1.2 ounces.

    On a global scale, spot gold rose by 0.8% to $4,686.97 an ounce on Friday. However, cumulatively for the week, it has fallen close to 7%, marking the largest weekly loss since March 2020. This trend has been attributed to the escalating conflict in the Middle East, which has increased energy prices and subsequently led to dampening expectations for rate cuts.

    Historically viewed as a safe haven, the precious metal has seen a decline every week since the conflict broke out last month. Factors contributing to this trend include strengthening Treasury yields and the U.S. dollar, investors selling bullion to offset losses elsewhere, and outflows from gold-backed exchange-traded funds.

    Daniel Ghali, a commodity strategist at TD Securities, commented on the situation. He noted that gold, a popular choice for institutional investors, has seen its position waver due to the ongoing debasement trade. Ghali further added that there is a significant potential for gold to experience further selling off, even while maintaining its bull market era trend support.

    Questions & Answers

    What is the current trend in global gold prices?
    Answer: Global gold prices are experiencing a significant fall, marking the largest weekly loss since March 2020.

    How has the conflict in the Middle East impacted gold prices?
    Answer: The escalating conflict in the Middle East has led to increased energy prices and dampened expectations for rate cuts, contributing to a decline in gold prices.

    What factors have contributed to the decline in gold prices?
    Answer: Several factors have contributed to this decline, including strengthening Treasury yields and the U.S. dollar, investors selling bullion to offset losses elsewhere, and outflows from gold-backed exchange-traded funds.

  • Gold Glitters High in Vietnam: Bullion Boosted by Global Rally and Wealth Day Purchases

    Gold Glitters High in Vietnam: Bullion Boosted by Global Rally and Wealth Day Purchases

    On Wednesday, the price of gold in Vietnam experienced a rise, mirroring the global surge in bullion rates after a decrease during the earlier session. Saigon Jewelry Company reported a rise of 0.38% in gold bar prices, reaching VND185.3 million ($7,090.80) per tael, a price match with other retailers.

    Rise in Gold Ring Prices

    Gold ring prices followed a similar trend, increasing by the same rate to VND184.8 million per tael. A tael is a weight measurement equivalent to approximately 37.5 grams or 1.2 ounces.

    God of Wealth Day Impact

    With the advent of the God of Wealth Day on Thursday, numerous jewelry shops in Hanoi witnessed long queues of customers eager to buy gold. It is a popular belief that buying gold during this event will invite prosperity throughout the year.

    Global Gold Trends

    Internationally, gold prices also went up on Wednesday as Asian traders sought refuge in the safe-haven metal amidst uncertainty over U.S. tariffs. This follows a ruling by the U.S. Supreme Court that annulled several of President Donald Trump’s measures. Spot gold saw an increase of 0.7%, reaching $5,181.95 per ounce. Despite ending the previous session with a decline of over 1% as investors capitalized on profits after gold reached a three-week peak earlier in the day, U.S. gold futures for April delivery saw an uptick of 0.5% at $5,200.40.

    According to a technical analyst, gold may find stability around a support of $5,140 per ounce and may retest the resistance at $5,244. They also noted that the immediate resistance is at $5,205; breaking above this may result in an increase in the range of $5,221 to $5,244.

    Questions & Answers

    Why did the price of gold increase in Vietnam?
    The price of gold increased in Vietnam due to a global surge in bullion rates and the upcoming God of Wealth Day, a time when people buy gold to invite prosperity.

    What factors are influencing global gold prices?
    Global gold prices are influenced by many factors, including geopolitical uncertainties such as the recent U.S. Supreme Court ruling on tariffs, which led investors to seek refuge in gold, seen as a safe-haven metal.

    What is the future outlook for gold prices?
    The future of gold prices may see some stability around a support of $5,140 per ounce and may retest the resistance at $5,244. If the price breaks above the immediate resistance of $5,205, it could lead to a gain in the range of $5,221 to $5,244.

  • Vietnam Gold Prices Soar to Record High, Outpacing Global Bullion Rates

    Vietnam Gold Prices Soar to Record High, Outpacing Global Bullion Rates

    The price of gold has seen a notable increase in Vietnam, with a jump recorded on Monday morning. This rise further extends the difference between the local and global bullion rates, establishing a new record.

    Increase in Gold Prices in Vietnam

    Saigon Jewelry Company’s gold bars have seen a 1.06% increase in price, reaching VND181.2 million (US$6,985.08) per tael, equivalent to 37.5 grams or 1.2 ounces. Similar price adjustments have been mirrored by other sellers in the industry.

    At present, the price of local bullion is VND24 million per tael higher than the global prices, marking the most significant difference on record. Notably, the price of gold rings increased at the same rate, reaching VND180.7 million per tael.

    Global Gold and Silver Market Trends

    Internationally, gold and silver have continued to make gains. This comes as the U.S. dollar weakens, making metals priced in the greenback more affordable for international buyers.

    Spot gold increased by 1.4% to $5,029.09 per ounce, following an almost 4% rise on Friday. Concurrently, U.S. gold futures for April experienced a 1.4% gain, reaching $5,051.0 per ounce.

    The U.S. dollar is currently at its lowest level since the 4th of February. In the near future, investors predict at least two 25-basis-point rate cuts in 2026, with the initial cut expected in June. Notably, non-yielding bullion performs well in low-interest-rate environments.

    Questions & Answers

    What percentage increase have gold prices seen in Vietnam?
    Gold prices in Vietnam have seen an increase of 1.06%.

    What is the current price of gold bars from Saigon Jewelry Company?
    The price of gold bars from Saigon Jewelry Company is currently at VND181.2 million (US$6,985.08) per tael.

    How has the U.S. dollar’s performance affected the global gold and silver markets?
    The weakening of the U.S. dollar has made metals priced in the greenback more affordable for international buyers, leading to an increase in the global prices of gold and silver.

  • Vietnam’s Gold Prices Take a Dip Amid Global Bullion Rise: Market Watch

    Vietnam’s Gold Prices Take a Dip Amid Global Bullion Rise: Market Watch

    On Friday, gold prices in Vietnam experienced a dip while global bullion prices noted a hike. The price of a gold bar from the Saigon Jewelry Company witnessed a decrease of 1.01%, bringing its value down to VND175.4 million (US$6,757.33) per tael. Each tael weighs 37.5 grams or 1.2 ounces. This price adjustment was reflected among other sellers in the market.

    In the past two days, local bullion prices have seen a decline of 2.66%, standing at VND20 million more per tael than their international equivalents. However, the price of gold rings increased by 0.23%, bringing its cost to VND174.9 million per tael.

    Global Gold Market Dynamics

    Globally, the gold market managed to recover from its early losses on Friday. However, it is expected to report a consecutive weekly decrease as a result of the global tech equity rout and a strengthened U.S. dollar, which have overshadowed the gains the metal experienced during an initial recovery earlier this week.

    Spot gold experienced a 0.4% increase, reaching $4,790.80 per ounce. Despite this, it recorded a 1.4% decrease for the week. Meanwhile, U.S. gold futures set for April delivery witnessed a 1.7% decline, dropping to $4,806.50 per ounce.

    According to Ilya Spivak, head of global macro at Tastylive, “Risk appetite appears to be diminished as stocks are down, and we’re noticing a significant breakdown in Bitcoin. These factors indicate a general weakening of risk sentiment. In such a scenario, while gold is proving resilient, silver is succumbing to the risk-off environment.”

    The US Dollar Performance

    The U.S. dollar remained steady near a two-week high and is expected to record its strongest weekly performance since November. A stronger dollar elevates the cost of greenback-priced assets for holders of other currencies.

    Questions & Answers

    What was the decline in the price of gold in Vietnam?
    The price of a gold bar from the Saigon Jewelry Company decreased by 1.01%, reducing its value to VND175.4 million per tael.

    How did global gold prices perform?
    Despite recovering from early losses and rising by 0.4%, spot gold was down by 1.4% for the week.

    What effect does a stronger U.S. dollar have on greenback-priced assets?
    A stronger U.S. dollar makes greenback-priced assets more expensive for holders of other currencies.

  • Gold Rush Down Under: Massive Queues at Sydney Bullion Stores Amid Investment Frenzy

    Gold Rush Down Under: Massive Queues at Sydney Bullion Stores Amid Investment Frenzy

    In the face of global uncertainty, Australians in Sydney have been flocking to buy gold, a traditionally regarded safe-haven investment. Long queues have formed outside gold bullion stores as people patiently wait their turn to secure this precious metal.

    Gold Buying Rituals Amidst Challenges

    For Prakas, a Nepali Australian, purchasing gold during Diwali, an annual Hindu festival, is a treasured tradition. Yet, this year, this ritual proved to be a daunting task due to the thousands of Australians lining up for gold in Sydney. On October 18, Prakas drove to Sydney’s central business district, only to find approximately 400 people in line at the ABC Bullion store on Martin Place. Disheartened, he returned home. He later attempted to order online, but the expedited process still led him to a two-hour waiting line for online pre-purchasers.

    Gold Demand Skyrockets

    The demand for gold, a traditional hedge in uncertain times and a non-yielding asset, has soared by over 51% this year. This surge is attributed to ongoing geopolitical and trade tensions, as well as anticipated U.S. interest rate cuts. The ABC Bullion store on Martin Place recently experienced an influx of customers, with retirees and families jostling around the entrance in hopes of making a purchase, their presence persisting throughout the day. Jordan Eliseo, the store’s general manager, reported approximately 1,000 customers visiting daily for over a month, with thousands more opting for online purchases. Buyers from across the city arrive as early as 9 a.m. to secure their spots in line, while others wait for hours to make their purchases. To accommodate the rush, Eliseo extended trading hours and added five new staff members in the last two weeks.

    The Gold Market’s Potential Risks

    Despite the current gold-rush frenzy, market experts warn of potential risks in the gold market. Chief economist at a financial services firm, Shane Oliver, expressed concerns that the lengthy queues could be a red flag indicating a speculative market prone to correction. His warning seemed prophetic when, on October 22, gold prices plummeted 6.8% to $4,082.35 per ounce, marking the steepest single-day drop in 12 years. Although the price slightly rebounded later that week, it still ended lower, disrupting a record nine-week rally. Ray Attrill, head of FX strategy at National Australia Bank, noted that the steep fall mirrors a familiar pattern, hinting that a dash for profit was inevitable.

    Questions & Answers

    What is the current trend in the gold market in Sydney?
    A significant surge in gold buying has been observed in Sydney, partly due to its traditional status as a safe-haven asset during times of global uncertainty.

    What challenges are buyers facing in securing gold?
    Buyers are enduring long queues at gold bullion stores and even online pre-purchasers are facing waiting times. The high demand has resulted in extended trading hours and increased staffing at stores.

    What are the potential risks in the current gold market?
    Experts caution that the current trend could indicate a speculative market potentially at risk of a correction. The sharp fall in gold prices on October 22 supports this cautionary stance.

  • Gold Prices Hold Steady Amidst Global Bullion Decline

    Gold Prices Hold Steady Amidst Global Bullion Decline

    Vietnam’s gold market is experiencing a cautious day as prices struggle to rise back to their historic highs reached earlier this year. On Tuesday morning, the gold bar price from the Saigon Jewelry Company saw a modest increase of 0.17%, now standing at VND118 million (approximately US$4,529.31). Meanwhile, the price of gold rings ticked up by 0.18%, reaching VND114 million per tael, where one tael equals 37.5 grams or 1.2 ounces.

    Despite these slight gains, gold prices have skyrocketed by 40% since the start of the year, reflecting a persistent interest in the precious metal amid fluctuating global rates.

    Global Trends Impacting Local Prices

    Internationally, gold faced pressures as the dollar dipped from a recent peak, causing some hesitation among investors. The recent uncertainty surrounding the U.S.-China trade agreement has left market participants cautious, contributing to a limited decline in gold’s value, according to reports. Spot gold saw a 0.5% decline, reaching $3,362.57 per ounce after peaking earlier in the day. U.S. gold futures fell by 0.3% to $3,386.60.

    Brian Lan, managing director at GoldSilver Central in Singapore, commented on the current market dynamics: “As the dollar recovers slightly, gold prices have dropped. There is an inverse correlation right now.” Yet, Lan noted that gold continues to serve as a safe haven for investors, who have only slightly reduced their holdings. This caution contrasts with previous instances of easing global tensions when sell-offs were more pronounced.

    So, while the gold market may feel the pinch from outside forces, it remains a glittering beacon in unpredictable times. After all, who would’ve thought a metal could so elegantly dance with the complexities of international trade?

    Questions & Answers

    What is the current price of gold bars in Vietnam?
    Gold bars in Vietnam now sell for VND118 million, approximately US$4,529.31.

    How much has gold risen in price this year?
    Gold prices have surged by 40% since the beginning of the year.

    What factors are influencing the global gold market?
    The market is currently impacted by fluctuations in the dollar and ongoing uncertainties within U.S.-China trade relations.