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Tag: gold

  • Gold prices reach new peak in 2023

    Gold prices reach new peak in 2023

    SJC gold price surged 0.36% to VND68.9 million ($2,858.92) per tael Friday morning, a new peak this year.

    Gold ring price went up 0.26% to VND57.2 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Globally gold prices firmed on Friday but were set for a weekly decline as the dollar and Treasury yields held firm with strong U.S. economic data raising concerns of the Federal Reserve keeping interest rates higher for longer.

    Spot gold was up 0.2% at $1,922.87 per ounce, but set for a 0.8% weekly fall. U.S. gold futures rose 0.2% to $1,946.90.

    The dollar was headed for its longest weekly winning streak in nine years, bolstered by a resilient run of U.S. economic data.

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  • Gold price jumps up

    Gold price jumps up

    SJC gold price rose 0.15% to VND67.75 million ($2,844.25) per tael Wednesday morning, highest since Jan. 28.

    Gold ring price was stable at VND56.85 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Spot gold was up 0.2% at $1,900.30 per ounce, while U.S. gold futures rose 0.2% to $1,929.40.

    The dollar index was sitting below two-month highs, while a rally that took U.S. Treasury yields to nearly 16-year highs took a pause, giving some respite to gold that does not yield any interest.

  • Gold prices down

    Gold prices down

    SJC gold price fell 0.07% to VND67.35 million ($2,838.18) per tael Tuesday morning.

    Gold ring price was stable at VND57 million per tael.

    Globally gold prices rose on Friday after a slightly weaker-than-expected U.S. jobs report pushed the dollar and Treasury yields lower, offering some respite to bullion which was still on track for its worst week in six.

    Spot gold was up 0.4% at $1,940.86 per ounce by 2:52 p.m. Bullion, however, was down 0.9% so far this week.

    U.S. gold futures settled 0.4% higher at $1,976.10.

    “The jobs report has allowed the market to propose that the Federal Reserve is not as likely to raise interest rates. As a result, we’ve seen bond yields drop along with the dollar and that is certainly supporting the price of gold,” said David Meger, director of metals trading at High Ridge Futures

    Following the data, the dollar fell 0.5% against its rivals, making gold less expensive for other currency holders. Benchmark U.S. 10-year yields retreated from a nine-month high.

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  • Gold prices up again

    Gold prices up again

    SJC gold price increased 0.07% to VND67.35 million ($2,843.57) per tael Monday morning.

    Gold ring price downed 0.08% to VND57.05 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Gold prices were off three-week lows on Monday after slowing U.S. job growth knocked the dollar and bond yields from their recent highs, while investors braced for this week’s inflation test that could influence the Federal Reserve’s policy path.

    Spot gold was steady at $1,940.99 per ounce by 0325 GMT, having slid to its lowest since July 11 on Friday before settling 0.4% higher. U.S. gold futures were flat at $1,976.10.

    “While a softer U.S. dollar and lower bond yields in its (jobs data) aftermath have provided some relief for gold… it may have to take a more significant weakening in the U.S. dollar to bring traction for the yellow metal,” said Yeap Jun Rong, a market strategist at IG.

     

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  • Gold prices decline

    Gold prices decline

    SJC gold price fell 0.22% to VND67.1 million ($2,833.91) per tael Wednesday morning.

    Gold ring price gained 0.09% to VND57.05 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Globally gold struggled for momentum on Wednesday as traders refrained from making big bets ahead of the U.S. Federal Reserve’s policy decision due later in the day.

    Spot gold inched 0.1% lower to $1,963.59 per ounce, while U.S. gold futures edged 0.1% higher to $1,965.30.

    “Broader markets are looking for an extended rate pause through the rest of the year, while Fed officials could push back by leaving the door open for one more hike in September or November,” said Yeap Jun Rong, a market strategist at IG.

    While most traders see rates holding in the 5.25%-5.5% range in 2023, 35% see a chance for another 25 basis-point hike in November, according to CME’s Fedwatch tool.

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  • Gold price up

    Gold price up

    SJC gold price gained 0.07% to VND67.25 million ($2,844.76) per tael Thursday morning.

    Gold ring price rose 0.26% to VND57.1 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Globally gold prices inched up on Thursday, hovering near an eight-week peak on bets that the U.S. Federal Reserve might soon hit pause on its interest rate-hiking cycle.

    Spot gold rose 0.1% to $1,978.59 per ounce. U.S. gold futures were little changed at $1,981.30.

    The dollar index wobbled near a more than one-year low, making gold cheaper for holders of other currencies.

    The Fed is expected to raise rates by 25 basis points (bps) in their meeting next week, keeping them in the 5.25%-5.5% range until cuts are seen 2024 onwards, per CME’s Fedwatch tool.

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  • Gold prices fall

    Gold prices fall

    SJC gold price fell 0.15% to VND67.1 million ($2,852.04) per tael Wednesday morning.

    Gold ring price dropped 0.18% to VND56.45 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Globally gold traded in a narrow range on Wednesday as traders refrained from making big bets ahead of Federal Reserve Chairman Jerome Powell’s congressional testimony, which could offer further insight into the central bank’s interest-rate hike plan,.

    Spot gold was almost unchanged at $1,936.99 per ounce. U.S. gold futures too were little changed at $1,948.20.

    Powell’s congressional testimonies due on Wednesday and Thursday will be scanned for U.S. interest rate outlook.

    Two Federal Reserve policymakers and an economist nominated to join them on the Fed’s Washington-based board on Tuesday said their focus is on bringing down too-high inflation so that the U.S. economy can get back to sustainable growth.

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  • Gold prices drop

    Gold prices drop

    SJC gold price fell 0.07% to VND66.95 million ($2,851.06) per tael Saturday morning.

    Gold ring price dropped 0.26% to VND56.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Globally gold slipped on Friday as hotter-than-expected U.S. jobs data lifted Treasury yields, but was on track for a weekly gain as a higher unemployment reading kept alive hopes that the Federal Reserve would pause interest rate hikes.

    Spot gold was down 1.4% at $1,951.13 per ounce after hitting a seven-session high earlier. U.S. gold futures settled 1.3% higher at $1,969.6.

    Bullion has gained 0.2% so far this week, and is set to break a three-week losing streak.

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  • Gold prices increase

    Gold prices increase

    Gold ring price rose 0.18% to VND56.6 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Globally gold prices eased on Wednesday, set for a monthly drop, as progress in the U.S. debt ceiling deal and expectations that the Federal Reserve will likely raise interest rates further eroded bullion’s safe-haven status.

    Spot gold fell 0.2% to $1,955.28 per ounce, and lost 1.7% so far this month. U.S. gold futures eased 0.2% to $1,954.80.

    An overnight decline in Treasury yields have allowed gold prices to defend its support confluence zone at the $1,940 level for now, but intermittent bounces since early-May have been short-lived, which raises the chances that it could be the same this time round as well, said Yeap Jun Rong, a market analyst at IG.

  • Gold price goes up

    Gold price goes up

    SJC gold price rose 0.15% to VND67.25 million ($2,868.10) per tael Thursday morning.

    Gold ring price surged 0.53% to VND57.25 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Globally gold prices traded near record-high levels on Thursday, as U.S. yields and the dollar dipped after the U.S. Federal Reserve hinted it may pause its rate-hike cycle.

    Spot gold was up 0.1% at $2,040.46 per ounce. Earlier in the session, prices rose to $2,072.19 per ounce and hovered close to an all-time high of $2,072.49 scaled in 2020.

    Gold is helped by “lower yields and a weaker dollar in the aftermath of the recent Fed meet and changes in the policy statement language providing the conviction that the central bank will likely shift towards a rate pause,” said Yeap Jun Rong, market analyst at IG.

    The dollar index was down 0.2%, making greenback-priced gold more affordable for overseas buyers. Benchmark U.S. Treasury yields also dropped.

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  • Gold prices gain

    Gold prices gain

    SJC gold price gained 0.07% to VND67.2 million ($2,863.23) per tael Thursday morning.

    Gold ring price went up 0.09% to VND56.9 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Globally gold prices rose on a softer dollar, while investors braced for a host of U.S. economic data ahead of a crucial Federal Reserve’s policy meeting next week.

    Spot gold rose 0.4% to $1,996.50 per ounce while U.S. gold futures climbed 0.5% to $2,005.20.

    Making bullion less expensive for other currencies holders, the dollar index eased 0.1% on the day.

    Gold is treading waters right now, as investors keep an eye on U.S. debt ceiling talks, and the Fed meeting next, that could offer some ideas on what to expect for the rest of the year, said Edward Meir, a metals analyst at Marex.

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  • Gold prices increase

    Gold prices increase

    SJC gold price gained 0.15% to VND67.1 million ($2,857.39) per tael Monday afternoon.

    Gold ring price rose 0.18% to VND56.65 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Globally gold rose on Monday as the dollar eased slightly. Still, prices were off one-year highs hit last week, as mixed economic data prompted investors to reassess the U.S. Federal Reserve’s interest rate hike trajectory.

    Spot gold was up 0.5% at $2,012.62 per ounce. U.S. gold futures rose 0.4% to $2,024.70.

    The dollar index was 0.1% lower, making bullion cheaper for overseas buyers.

    Gold is likely to trade with “positive bias but can see some initial correction…a major downfall” in prices is not expected as uncertain global economic and geopolitical tensions support its safe-haven status, said Hareesh V, commodity research head, Geojit Financial Services.

  • Gold prices rise

    Gold prices rise

    SJC gold price rose 0.07% to VND67.1 million ($2,858.97) per tael Tuesday morning. Gold ring price went up 0.36% to VND56.1 million per tael.

    Globally gold prices edged lower on Tuesday as traders assessed the likely path of the Federal Reserve’s monetary policy after data showed a slump in U.S. manufacturing activity and as OPEC+’s production cut sparked inflationary risks.

    Spot gold was down 0.2% at $1,980.39 per ounce. U.S. gold futures dipped 0.1% to $1,997.70.

    The dollar index was slightly higher, making bullion expensive for overseas buyers.

    Gold in the near term could see “consolidative price action in absence of a fresh catalyst and as markets monitor the extent of price gains in oil as that may throw a curve ball on inflation outlook and complicate monetary policy decision,” said OCBC FX strategist Christopher Wong.

    Oil prices steadied with investors’ attention shifting to demand trends and the impact of higher prices on the global economy.

  • Gold inches lower

    Gold inches lower

    SJC gold price dropped 0.22% to VND67.15 million ($2,855.14) per tael Wednesday morning.

    Gold ring price fell 0.53% to VND55.5 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Globally gold prices edged higher on Wednesday as the dollar eased, while investors kept a close watch on the U.S. Federal Reserve’s interest rate decision and policy outlook, Reuters reported.

    Spot gold was up 0.2% at $1,942.96 per ounce.

    Gold is traditionally considered a hedge against inflation, but higher rates increase the opportunity cost of holding the non-yielding asset.

    The dollar index was down slightly, making bullion less expensive for buyers holding other currencies.

    Markets will also take stock of the February UK inflation data, also due on Wednesday ahead of the Bank of England’s monetary policy decision on Thursday.

    U.S. Treasury Secretary Janet Yellen told bankers on Tuesday that she is prepared to protect depositors in smaller U.S. banks suffering deposit runs that threaten more contagion amid the worst financial system turmoil in over a decade.

     

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  • Gold prices gain

    Gold prices gain

    SJC gold price gained 0.07% to VND66.6 million ($2,808.64) per tael Thursday morning. Gold ring price went up 0.09% to VND54 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Globally gold prices traded in a tight range on Thursday as some investors stayed on the sidelines ahead of U.S. jobs data that could influence the Federal Reserve’s monetary policy path.

    Spot gold was little changed at $1,813.39 per ounce, trading in a $5 range, after hitting its lowest since Feb. 28 on Wednesday.

    Gold is considered a hedge against inflation, and interest rate hikes to control rising prices make it less attractive. Rate hikes also dim the non-yielding bullion’s appeal.

    “The gold market has been muted… the market is still trying to digest where the Fed will go after Powell mentioned the final interest rates might be higher than initially expected,” said Brian Lan, managing director at Singapore-based dealer GoldSilver Central.

    Fed Chair Powell on Wednesday reaffirmed his message of higher and potentially faster interest rate hikes, but emphasized that debate was still underway with a decision hinging on data to be issued before the U.S. central bank’s policy meeting in two weeks.