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Tag: gold

  • Gold prices up

    Gold prices up

    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.

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  • Gold prices slip

    Gold prices slip

    SJC gold price dropped 0.15% to VND67 million ($2,815.72) per tael Thursday afternoon.

    Gold ring price remained unchanged at VND54.35 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Globally gold prices rose on Thursday, helped by a slight pullback in the dollar, although prospects of U.S. interest rates staying higher for longer kept bullion on a tight leash, Reuters reported.

    Spot gold was up 0.2% at $1,828.17 per ounce.

    Elevated interest rates dampen gold’s appeal as an inflation hedge while raising the opportunity cost of holding the non-yielding asset.

    Minutes from the Federal Reserve’s latest policy meeting showed on Wednesday policymakers agreed rates would need to move higher, but that the shift to smaller-sized hikes would let them calibrate more closely with incoming data.

    “The Fed stated they’re still looking at combating inflation and raising interest rates, but not as aggressive as before… because of that, gold prices have retreated a little, and this morning they’re just consolidating,” said Brian Lan, managing director at Singapore-based dealer GoldSilver Central.

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  • Gold prices gain

    Gold prices gain

    SJC gold price rose 0.22% to VND67.4 million ($2,854.72) per tael Tuesday afternoon.

    Gold ring price dropped 0.18% to VND54.65 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Globally gold prices went up on Tuesday as the dollar retreated, with investors bracing for U.S. inflation data that could determine the Federal Reserve’s next monetary policy moves.

    Spot gold was up 0.5% at $1,861.93 per ounce after falling to its lowest since early January in the previous session.

    Gold is susceptible to rising interest rates, which lift the opportunity cost of holding the non-yielding asset.

    “If the disinflation trend in the U.S. shows signs of slowing (even if it’s temporary), then caution over a hawkish Fed could undermine risk sentiment and gold, while USD may find further support,” said OCBC FX strategist Christopher Wong.

  • Gold prices increase

    Gold prices increase

    SJC gold price rose 0.15% to VND67.3 million ($2,859.27) per tael Tuesday morning.

    Gold ring price went up 0.18% to VND54.9 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Globally gold prices gained on Tuesday as the dollar pulled back slightly, with traders awaiting U.S. Federal Reserve Chair Jerome Powell’s speech later in the day for hints about future rate hikes after last week’s strong economic data.

    Spot gold was 0.4% higher at $1,873.96 per ounce, as of 0316 GMT, after hitting its lowest since Jan. 6 in the previous session.

    “Despite another round of upmove in the dollar and yields, the downside in gold prices is more limited, which points to some attempts to stabilise after recent sell-off,” said Yeap Jun Rong, a market analyst at IG.

    The dollar index was down 0.2% after touching its highest level in nearly a month on Monday. A weaker greenback makes dollar-priced gold more attractive for buyers holding other currencies.

  • Gold prices inch down

    Gold prices inch down

    SJC gold price dropped 0.15% to VND67.3 million ($2,865.05) per tael Monday morning. Gold ring price went up 0.46% to VND54.8 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Reuters reported that global gold prices hit a more than four-week low on Monday, as the U.S. dollar firmed after stronger-than-expected jobs data fanned concerns that the Federal Reserve might keep hiking interest rates.

    Spot gold was little changed at $1,865.88 per ounce, as of 0045 GMT, after hitting its lowest level since January 6 earlier in the session.

    The dollar index was 0.2% higher, making gold less attractive for buyers holding other currencies.

    Data on Friday showed U.S. job growth accelerated sharply last month, with nonfarm payrolls surging by 517,000 jobs – well above an estimated 185,000. The unemployment rate hit more than a 53-1/2-year low of 3.4%.

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  • Gold prices fall

    Gold prices fall

    SJC gold price dropped 0.44% to VND67.5 million ($2,878.46) per tael Friday afternoon.

    Gold ring price fell 0.54% to VND55.2 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Global gold prices steadied on Friday after a sharp sell-off in the previous session, as traders digested rate-hike remarks from global central banks, but the metal was set for its first weekly drop in seven amid a strong dollar.

    Spot gold was up 0.1% at $1,914.33 per ounce.

    “With gold prices delivering a stellar performance of more than 20% over the past three months, some positioning for softer rate-hike bets could already have been at play and having found the much-needed validation from the recent FOMC meeting,” said Yeap Jun Rong, a market analyst at IG.

    Therefore, it may trigger some near-term profit-taking, “but for gold prices, a greater conviction for sellers could be a break below the $1,895 level, where dip-buyers were seen stepping in this week just before the meeting,” the analyst added.

  • Central Banks Buy the Most Gold in Over 50 Years

    Central Banks Buy the Most Gold in Over 50 Years

    Gold kicked off the new year better than it has in a long time. The precious metal is benefitting from extraordinary trends.

    Demand for gold was stronger last year than it has been in more than a decade, the World Gold Council (WGC) said in its report on demand trends in the fourth quarter and the full year of 2022.

    On Tuesday, the WGC also celebrated the 30th anniversary of its study on gold demand trends, which examines the cornerstones of physical gold market demand.

    Overall, global gold demand, excluding OTC, rose 18 percent to 4,741 metric tons in 2022, almost the same amount as 2011, and the strong full-year result was supported by record demand of 1,337 tonnes in the fourth quarter.

    The exceptionally high demand was due to «massive» buying by central banks and supported by strong retail investor buying and slower outflows from exchange-traded funds, according to WGC.

    The second consecutive quarter of heavy central bank demand drove annual purchases in the sector to a 55-year high of 1,136 metric tons. In the year-end quarter, central banks bought 417 tons of gold, on top of the nearly 400 tons they acquired in the third quarter. As in the third quarter, most gold purchases were unreported.

    Private investors also contributed to the demand boom, with global demand for bars and coins rising to a nine-year high of 1,217 tonnes, up 2 percent from a year earlier.

    The second half of the year was particularly strong, with demand hovering around 340 tons for two consecutive quarters for the first time since 2013. The need for asset protection in a global inflationary environment remained a key motivator for purchasing gold, the report said.

    At the same time, gold exchange-traded fund (ETF) holdings declined less than they did a year, falling 110 tons compared to a drop of 189 tons. Total investment demand, not taking into account OTC activity, rose 10 percent last year to 1,107 tons.

    For the current year, the WGC sees improved ETF demand, especially since interest rate hikes are likely to be less of a problem. However, central bank purchases are unlikely to return to 2022 levels, the industry association added. Continued dollar weakness, rising recession risks, and increased geopolitical risks would support gold.

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  • Gold prices increase

    Gold prices increase

    SJC gold prices gained 0.15% to VND67.3 million ($2,871.46) per tael Tuesday morning.

    Gold ring prices went up 0.18% to VND55.45 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Global gold prices inched lower on Tuesday, weighed by an uptick in the dollar, although hopes of slower interest rate hikes by the Federal Reserve capped further losses.

    Spot gold was down 0.4% at $1,910.48 per ounce. The dollar gained 0.3%. A stronger dollar turns gold less attractive to buyers with other currencies.

    “Expectations of the Fed slowing pace of rate hikes has been supporting gold. Currently, we are seeing a technical pullback as prices entered the overbought territory. Also, the dollar is firming slightly,” said Ajay Kedia, director at Kedia Commodities, Mumbai.

    “We expect silver to outperform gold in 2023 as there is good industrial and investment demand amid low inventories.”

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  • Gold prices rise

    Gold prices rise

    SJC gold price gained 0.30% to VND67.2 million ($2,866.89) per tael Monday morning.

    Gold ring price went up 0.54% to VND55.35 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Global spot gold held at $1,918.60 per ounce, near nine-month highs, aided by expectations of slower interest rate hikes from the U.S. Federal Reserve.

    Market participants expect a 25 basis points rate hike increase at the Fed’s next policy meeting.

    Lower rates tend to benefit gold as they decrease the opportunity cost of holding the non-yielding bullion.

    Premiums for physical gold rose sharply in China last week, buoyed by optimism around the country’s reopening before Lunar New Year festivities, while Indian traders offered steeper discounts as record-high local prices dented consumer sentiment.

  • Gold prices rise

    Gold prices rise

    SJC gold prices gained 0.15% to VND67 million ($2,857.27) per tael Wednesday afternoon.

    Gold ring prices went up 0.09% to VND54.55 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Gold prices scaled an eight-month peak on Wednesday, underpinned by a subdued dollar, although they traded in a tight range as traders positioned themselves for inflation data that could influence the U.S. Federal Reserve’s rate-hike stance, Reuters reported.

    Spot gold was up 0.3% at $1,883.48 per ounce, highest since early May.

    The dollar index slipped 0.1%, making greenback-priced bullion cheaper for overseas buyers. Benchmark U.S. 10-year Treasury yields also edged lower.

    Overall, it looks like gold is currently consolidating into a range as the focus turns to the U.S. consumer price index (CPI) data on Thursday, said Ilya Spivak, head of global macro at Tastytlive.

    “If the data shows inflation is softer, then gold might go north of the $1,900 level. However, seeing if gold can get much traction beyond that would be interesting.”

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  • Gold prices rise

    Gold prices rise

    SJC gold prices gained 0.3% to VND67.2 million per tael Tuesday afternoon.

    Gold ring prices shot up 0.8% to VND54.3 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Global spot gold was up 1.2% at $1,846.08 per ounce jumped more than 1% to a six-month high on Tuesday on technical trading, while investors looked forward to minutes from the U.S. Federal Reserve’s latest policy meeting for more cues on its rate-hike path, Reuters reported.

    “We’re seeing a slight bid for gold. But, with liquidity very low this time of the year, it appears to be technical buying as opposed to fundamentally driven,” said Matt Simpson, a senior market analyst at City Index.

    Minutes from the Fed’s December policy meeting are due on Wednesday. The Fed raised rates by 50 basis points in December after four consecutive increases of 75 basis points each.

    “I doubt the minutes will pack as much of a punch as the Fed’s December meet had, but traders will look for confirmation of the lower terminal Fed rate expressed in the median dot plot and that could support gold,” Simpson added.

    Gold is considered a hedge against inflation and economic uncertainties, but higher interest rates increase the opportunity cost of holding gold as it pays no interest.

  • Vietnam consumes 50 tons of gold annually

    Vietnam consumes 50 tons of gold annually

    Vietnam consumes nearly 50 tons of gold jewelry each year, with 80% absorbed by HCMC, according to the Saigon Jewelry Association (SJA).

    The country imported more than 1,000 tons of gold in the 1991-2012 period.

    Businesses have not been allowed to import raw gold since May 2012, but consumption of the precious metal has still increased stealthily every year, said SJA.

    In recent years, the export turnovers of Vietnamese gold jewelry have stood at $20-30 million per year.

    The jewelry is mainly exported to Asian and European markets such as Germany, Denmark and France.According to the World Gold Council, Vietnam’s demand for gold bars, coins and jewelry ranks first in Southeast Asia.

    Vietnam gold companies churn out more than 11 million gold products weighing over 40 tons, thanks to an industry that employ over 38,000 jewelers, according to SJA.

    However, the ban on importing raw gold has caused difficulties for gold companies because there are differences between gold prices in international and local markets.

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  • Gold prices rise

    Gold prices rise

    SJC gold prices increased 0.15% from an 11-week low Tuesday to VND66.7 million ($2,779) per Tuesday Wednesday afternoon.

    Gold ring prices dropped 0.19% to VND53.85 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Global spot gold was down 0.3% at $1,807.80 per ounce as the U.S. dollar ticked, but prices moved in a tight range in subdued trading due to the lack of fresh triggers.

    Gold is seeing limited price action as trading activity is light ahead of the New Year holiday and there is no major economic data scheduled this week, said Hareesh V., head of commodity research at Geojit Financial Services.

    Gold has risen nearly $200 from a more-than-two-year low in late September as the dollar’s appeal was dented by expectations that the U.S. Federal Reserve would slow its pace of interest rate hikes.

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  • Gold prices inch up

    Gold prices inch up

    SJC gold prices went up 0.22% to VND67.15 million per tael Tueday. Gold ring prices fell 0.09% to VND53.95 million. A tael equals 37.5 grams or 1.2 ounces.

    Global spot gold increased by 0.3% at $1,791.91 per ounce as the dollar dipped, although lingering worries about further interest rate hikes from the U.S. Federal Reserve kept the non-yielding bullion’s gains in check.

    European Central Bank Vice-President Luis de Guindos signaled the bank was determined to keep raising interest rates.

    Investors also took stock of news that in top bullion consumer China, Covid-19 is sweeping through trading floors in Beijing and spreading fast in the financial hub of Shanghai. The country reported five new Covid deaths for December 19.

    “If China brings back restrictions and if that were to happen over the holiday period, it is the perfect catalyst for large moves (in gold) to the downside,” Simpson added.

  • Gold prices inch up

    Gold prices inch up

    SJC gold prices went up 0.22% to VND67.15 million per tael Tueday.

    Gold ring prices fell 0.09% to VND53.95 million. A tael equals 37.5 grams or 1.2 ounces.

    Global spot gold increased by 0.3% at $1,791.91 per ounce as the dollar dipped, although lingering worries about further interest rate hikes from the U.S. Federal Reserve kept the non-yielding bullion’s gains in check, Reuters reported.

    European Central Bank Vice-President Luis de Guindos signalled the bank was determined to keep raising interest rates.

    Investors also took stock of news that in top bullion consumer China, Covid-19 is sweeping through trading floors in Beijing and spreading fast in the financial hub of Shanghai. The country reported five new Covid deaths for December 19.

    “If China brings back restrictions and if that were to happen over the holiday period, it is the perfect catalyst for large moves (in gold) to the downside,” Simpson added.

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