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Tag: gold

  • 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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  • Gold prices edge up

    Gold prices edge up

    SJC gold prices 0.3% to VND67 million ($2,841.39) per tael Friday morning.

    But gold ring prices declined by 0.37% to VND53.7 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Global gold prices inched up but were bound for a weekly loss as the U.S. Federal Reserve projected higher interest rates for a longer period.

    Spot gold rose 0.2% to $1,780.63 per ounce.

    “Gold’s fall this week is in the aftermath of the Fed meet. Also, with recession risks rising, the U.S. dollar will emerge as the preferred safe haven,” said Ilya Spivak, head of global macro at Tastytlive.

    The Fed on Wednesday raised interest rates by 50 basis points as expected, but Chair Jerome Powell said the central bank would deliver more hikes next year even as the economy slips towards a recession.

    Although gold is traditionally known as a hedge against inflation and economic uncertainties, higher interest rates tend to dim bullion’s appeal by increasing the opportunity cost of holding the non-yielding metal.

    Central banks in Europe followed the Fed in slowing the pace of interest rate increases but offered a similar stark message that financial conditions will continue to tighten even as economic performance deteriorates.

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  • Vietnam Electricity wants power prices to be dynamic, based on production cost

    Vietnam Electricity wants power prices to be dynamic, based on production cost

    Vietnam Electricity wants power prices to be managed in the same way as fuel by taking into account the changing costs of production and not fixed at certain levels.

    Input costs surged to high this year, with oil and gas prices rising by double-digits and coal by 600%, EVN CEO Tran Dinh Nhan said at a meeting on December 12.

    Yet electricity prices remained the same as in 2019, he said.

    He blamed this for his company’s severe financial challenges and the risk of not paying its partners.

    “Eventually EVN’s credit ratings will be lowered. The company will have difficulty accessing loans and this will affect national security.”

    EVN said last month it faced losses of VND31 trillion this year and called for increasing retail prices.

    The government allows EVN to adjust prices by up to 5% a year, a 5-10% change needs approval from the Ministry of Industry and Trade and anything more than 10% requires the Cabinet’s green light.

    EVN also wants Power Development Plan 8 to be approved quickly so that it can start building new plants and grids to keep up with demand.

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  • Gold prices gain

    Gold prices gain

    SJC gold prices went up 0.3% to VND67.1 million per tael Wednesday.

    Gold ring prices inched up 0.37% to VND54.2 million per tael. A tael equals 37.5 grams or 1.2 ounces.

    Global gold prices traded in a narrow range on Wednesday, as investors awaited the U.S. Federal Reserve’s policy decision later in the day after softer-than-expected inflation data fanned expectation of a moderate interest rate hike path.

    Spot gold was little changed at $1,810.99 per ounce after hitting a more than five-month high on Tuesday as a smaller-than-expected rise in U.S. consumer prices buoyed bets for a slowdown in rate hikes.

    Softer U.S. inflation data saw the dollar weakening and gold rallying in the last session, but bullion price action will be quiet currently as the market awaits the Fed decision, said Ajay Kedia, director at Kedia Commodities in Mumbai.

    “Gold might hit $1,832 if the Fed sounds dovish. But there is strong resistance at the $1,820 level and prices should trade around this range for the rest of the year.”

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  • Gold prices drop marginally

    Gold prices drop marginally

    SJC gold prices fell 0.15% to VND67 million ($2,805.70) per tael Thursday morning.

    Gold ring prices gained 0.19% to VND54 million. A tael equals 37.5 grams or 1.2 ounces.

    Gold prices were little changed in early Asian trade on Thursday, after bullion jumped more than 1% in the previous session following a retreat in the U.S. dollar and yields.

    Spot gold held its ground at $1,786.92 per ounce.

    Higher interest rates tend to increase the opportunity cost of holding gold as it yields no interest.

    Market participants mostly expect a 50-basis point rate hike at the Fed’s final meeting of 2022 scheduled on December 13-14.

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  • Gold prices inch up

    Gold prices inch up

    Vietnam’s SJC gold prices rose 0.74% to VND67.15 million ($2,739.14) per tael Thursday.

    Gold ring prices went up 0.28% to VND54.3 mllion per tael. A tael is equal to 37.5 grams or 1.2 ounces.

    Global spot gold prices went up 0.7% to $1,781.15 per ounce, a two-week high, supported by a weaker dollar after U.S. Federal Reserve Chair Jerome Powell’s speech sparked expectations of smaller interest rate hikes.

    The Fed could scale back the pace of its rate hikes “as soon as December,” Powell said on Wednesday at the Brookings Institution in Washington. That pushed the dollar index 0.5% lower, making gold more attractive for overseas buyers.

    Investors now turn to the U.S. Labor Department’s non-farm payrolls data due on Friday, which could influence the Fed’s policy decisions.

    “A strong employment report will give Fed the green light to keep hiking while inflation remains high, which is bad for gold. A weak report could benefit gold as it points to lower consumer demand ahead, which is deflationary,” added Simpson.

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  • Vietnam gold price drops despite global gain

    Vietnam gold price drops despite global gain

    Prices of gold bars branded SJC on Wednesday decreased 0.15% from the previous day to VND67.1 million ($2,722.11) per tael.

    But gold ring prices went up 0.28% to VND54.15 million per tael. A tael is equal to 37.5 grams or 1.2 ounces.

    Global spot gold was up 0.1% at $1,751.89 per ounce, aided by a dip in the U.S. dollar, with investors largely focusing on Federal Reserve Chair Jerome Powell’s speech for insights into the U.S. central bank’s monetary policy path.

    Powell’s speech is the main focus for the market, said Edward Meir, an analyst with ED&F Man Capital Markets.

    “If Powell takes a hawkish stance, the dollar will strengthen and gold will move lower, probably back to the $1,745 level. But if he sounds more conciliatory, gold could move up to the $1,780 level.”

    Meanwhile, top gold consumer, China reported a slight drop in new Covid cases for Nov. 29, the National Health Commission said.

    Gold needs a strong China as it drives risk appetite and could bolster jewelry demand, and bullion could gain if China’s health authorities provide some clear signals that they are close to tweaking their zero-Covid policy, Edward Moya, senior analyst with OANDA, said in a note.

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  • Gold prices continue to drop

    Gold prices continue to drop

    Prices of gold bars branded SJC on Monday dropped 0.4% from the weekend to VND67.35 million ($2,716.82) per tael.

    Selling prices of gold rings remained unchanged, reaching VND54.05 million per tael. A tael is equal to 37.5 grams or 1.2 ounces.

    Globally, gold prices slipped on Monday, as a stronger U.S. dollar made the greenback-priced metal more expensive for buyers holding other currencies.

    Spot gold was down 0.2% at $1,752.66 per ounce, as of 0016 GMT. U.S. gold futures fell 0.1% to $1,751.80, according to Reuters.

    SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.2% to 908.96 tonnes on Friday from 906.93 tonnes on Wednesday.

  • Gold prices surge as Fed signals slower rate hikes

    Gold prices surge as Fed signals slower rate hikes

    Marked ingots of 99.99 percent pure gold are placed in a cart at the Krastsvetmet non-ferrous metals plant in the Siberian city of Krasnoyarsk, Russia March 10, 2022.

    Gold prices rose as soon as the U.S. Federal Reserve announced that it may slow the pace of interest rate hikes in the future. The price of SJC branded gold bars surged VND100,000 ($4.04) from the previous day to VND67.6 million per tael. A tael is equal to 37.5 grams or 1.2 ounces.

    The selling price of gold rings also increased by VND200,000 to VND54.1 million per tael.

    SJC gold prices are typically higher than the world average by some VND15.5 million per tael

    The minutes of the Fed’s Nov. 1-2 meeting showed that a “substantial majority” of Fed policymakers agreed it would “likely soon be appropriate” to slow the pace of interest rate hikes.

    Fed fund futures are now pricing in an 85% chance of 50-basis point (bps) increase in the December meeting, after four straight 75 bps hikes.

    Globally, gold prices bounced above the key $1,750an ounce level on Thursday, consolidating gains after minutes of the U.S. Federal Reserve’s latest meeting signalled slower interest rate hikes.

    Spot gold rose 0.4% to $1,755.73 per ounce by 0321 GMT. U.S. gold futures advanced 0.6% to $1,755.90.

  • Gold prices rise

    Gold prices rise

    Prices of gold bars branded SJC on Wednesday increased VND100,000 ($4.02) from the previous day to VND67.5 million ($2,706) per tael.

    Prices of gold rings branded SJC dropped VND250,000 from the previous day to VND53.85 million per tael.

    SJC gold prices are higher than the world average by some VND15.3 million per tael.

    Globally, gold prices were flat on Wednesday, as investors held back from making big bets ahead of the U.S. Federal Reserve’s latest policy meeting minutes, which could offer clues on further interest rate hikes, Reuters said.

    “There is some nervousness in the market ahead of the Fed minutes,” said Edward Meir, an analyst with ED&F Man Capital Markets.

    Market participants are awaiting the minutes of Fed’s Nov. 1-2 policy meeting due at 1900 GMT. U.S. durable goods data and weekly initial jobless claims are also on the radar.

    Although gold is seen as a hedge against inflation, rising U.S. interest rates dull non-yielding bullion appeal.

    “In the near term, expect gold prices to work a bit higher from here into year-end because I see the dollar weakening some more and we are very close to peaking out on inflation and interest rates,” Meir said.

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  • Gold demand recovers to its pre-pandemic level

    Gold demand recovers to its pre-pandemic level

    Vietnam’s gold consumption reached 45.6 tons the first nine months of 2022, compared to 45 tons during the same period in the pre-pandemic year of 2019.

    In Q3, the country’s gold demand more than tripled to 12 tons from 3.3 tons a year earlier. Bullion and coin sales rose to 8.5 tons from 2.4 tons, and jewelry sales to 3.5 tons from 0.9 tons, according to a report by the World Gold Council.

    Andrew Naylor, Managing Asia-Pacific Director of (excluding China) of WGC, said Vietnam’s economic recovery boosted gold demand in Q3.

    In the first nine months of last year, consumption was just 34.5 tons because of pandemic impacts .

    In Vietnam, gold prices in have gained by over 9.3% since the beginning of the year.

    On Tuesday, gold price at the state-owned Saigon Jewelry Company (SJC) dropped 0.15% to VND67.4 million ($2,712) per tael. A tael is equal to 37.5 grams or 1.2 ounces. Jewelry firm DOJI maintained its price at VND67.4 million.

    In total, the world’s gold demand amounted to 1,181 tonnes in July-September, up 28% from 922 in the same period in 2021, the WGC said.

    Demand for gold was also strong from jewelers and buyers of gold bars and coins, the WGC said in its latest quarterly report, but exchange traded funds (ETFs) storing bullion for investors shrank.

    Gold is typically seen as a safe asset for times of uncertainty or turmoil, but many financial investors sold shares in gold-backed ETFs as interest rates rose and pushed up returns on other assets.

    “Looking ahead, we anticipate central bank buying and retail investment to remain strong,” Reuters quoted WGC analyst Louise Street as saying.

    “We also expect to see jewelery demand continue to perform strongly in some regions such as India and Southeast Asia,” she said.

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  • Gold prices drop

    Gold prices drop

    Prices of gold bars branded SJC on Saturday dropped VND100,000 ($4.03) from the previous day to VND67.6 million per tael.

    Selling prices of gold rings also decreased VND100,000 to VND54.2 million per tael.

    SJC gold prices are higher than the world average by some VND14.9 million per tael.

    Globally, gold prices were bound for a weekly dip following indications from U.S. Federal Reserve officials that more interest rate hikes were due as the bank seeks to lower inflation.

    The slight pullback in gold after the recent rally has been through a technical retracement in the gold market, according to David Meger, director of metals trading at High Ridge Future.

    The pullback could continue going into next week’s December option expiration, which could cause a further consolidation in gold, Meger said, adding the market overall seems focused on interest rate expectations from the Fed.

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  • Gold demand triples in Q3

    Gold demand triples in Q3

    Vietnam’s gold demand more than tripled to 12 tons in the third quarter from 3.3 tons a year earlier. Bullion and coin sales rose to 8.5 tons from 2.4 tons, and jewelry sales to 3.5 tons from 0.9 tons, according to a report by the World Gold Council.

    “Vietnam saw a particularly significant year-on-year rise in demand. It more than tripled as local investors again sought refuge in gold, with high demand for rings and SJC tael bars.”

    The rise in jewelry demand comes amid Vietnam’s particularly robust recovery, with healthy GDP growth, incomes boosted by reversed salary cuts and companies returning to full employment, the report added.

    The price of gold sold at state-owned distributor SJC had fallen to VND65.2 million per tael (37.5 grams) at the end of September but has since risen 3.8% to around VND67.7 million now.

    Global gold demand (excluding over-the-counter trading) in the third quarter rose 28% year-on-year to 1,181 tons.