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Tag: gold

  • 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.

  • Gold prices hit 3-month high

    Gold prices hit 3-month high

    The Saigon Jewelry Company (SJC) hiked the price of gold by VND400,000 ($16.08) per tael to VND67.7 million Saturday morning.

    This is the biggest increase by the state-owned firm since the beginning of August. A tael equals 37.5 grams or 1.2 ounces.

    Jewelers sold gold rings for VND53.3 million per tael.

    After a lengthy period of fluctuating within a restricted range, the domestic gold price has risen on the momentum of an increase in the global market.

    The global gold price closed November 4 at US$1,682 an ounce, up $52 from the previous day.

    The increase in gold prices happened on hopes that the U.S. Federal Reserve (Fed) would delay the pace of interest rate hikes after a jobs report indicated American businesses had employed more workers, although the overall unemployment rate had risen.

    Domestic gold prices have risen by around VND700,000 per tael since the beginning of the month.

    However, the owner of a gold shop in HCMC’s District 8 said that demand has not increased because “gold is losing its appeal while banks’ deposit interest rates have continued to rise.”

    In contrast to gold, there are signs that the dollar’s surge is cooling down.

    State-owned Vietcombank sold the dollar at VND24,877 Sunday, down roughly VND5 from the beginning of the week.

    At the moment, Vietnam’s gold price per tael is around VND17.2 million dong greater than the global price.

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  • Central Bank Buying Boosts Gold Demand

    Central Bank Buying Boosts Gold Demand

    Central Bank buying and increased consumer demand lifted gold demand to pre-Covid levels.

    With inflation rising sharply, it comes as no surprise that gold demand in the third quarter was 28 percent higher than a year ago. A year-to-date comparison shows an 18 percent increase, returning demand to pre-pandemic levels, according to the latest report from the World Gold Council on Tuesday.

    Overall demand for gold was 1,181 tons in the third quarter, with central banks accumulating an estimated 400 tons, which is a record. The Swiss National Bank (SNB) was not among the central banks adding to its gold hoard. While it said it had a valuation loss of 1.1 billion Swiss francs on its gold holdings in the third quarter, the volume was unchanged.

    The total supply of gold increased by 1,215 tons, up a marginal 1 percent. Although mining output increased for a sixth consecutive quarter, growth in the current quarter was partly tempered by lower levels of recycling for the period.

    There were countervailing forces for investors as retail investors purchased gold as an inflation hedge, while ETF investors reduced holdings on rising interest rates. Overall investment demand was 47 percent lower in the third quarter than a year ago. While retail investors increased bar and coin investment by 36 percent, ETFs unloaded 227 tons, according to the report.

    Despite a slowing global economy, jewelry consumption rose 10 percent to 523 tons. On the flip side, demand for electronics fell, leading to an 8 percent drop in the need for gold in the technology sector.

    India was behind much of the demand for jewelry, as «urban consumers were the engine of Indian demand,» with economic activity returning to pre-COVID levels. In China, retail demand firmed as lockdown restrictions were eased in major cities.

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  • Gold Holds no Glitter for Ethereum Co-Founder

    Gold Holds no Glitter for Ethereum Co-Founder

    Which has more merit, digital or traditional gold? For the Ethereum mastermind Vitalik Buterin, there is no doubt.

    For some investors, bitcoin is the better gold. Others swear by the yellow precious metal and doubt that the world’s oldest cryptocurrency could ever be an alternative to gold.

    Fund managers like Ronnie Stoeferle from Liechtenstein-based asset manager Incrementum, on the other hand, consider Bitcoin and gold to be brothers in spirit. He does not see much competition between these two asset classes.

    The debate about whether digital or traditional gold is the better option has been going on for years and has recently become louder. The correlation between the yellow precious metal and bitcoin has risen sharply.

    The correlation recently reached a 40-day high. In mid-August, the correlation was still at zero, as Bloomberg reported a few days ago. At the same time, Bitcoin’s correlation with the S&P 500 and the Nasdaq technology exchange declined.

    Crypto enthusiasts see this as a sign Bitcoin is on its way to becoming a safe haven. In the wake of this year’s market crash, the reputation of «Gold 2.0» as a hedge against inflation and recession had suffered badly.

    Ethereum co-founder Vitalik Buterin has now joined the discussion on whether cryptocurrencies or gold are the better stores of value or medium of exchange. This question is likely to divide the opposing camps for a long time to come, but for the Ethereum superstar, the answer is already clear.

    He replied to a Twitter user who questioned the advantages of cryptocurrencies compared to gold, saying that cryptocurrencies are the better choice compared to the yellow precious metal. Also, that gold is less common than cryptocurrencies.

    Buterin says gold is challenging to use when doing business with untrusted parties, not to mention incredibly impractical. In addition, the crypto icon faults gold for not supporting secure storage options like multi-sig, aka multi-signature wallets, a type of crypto wallet requiring at least two private keys to sign a transaction.

    At this point, gold has lower adoption, Buterin says, leading him to conclude cryptocurrencies are the better choice.

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