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Tag: metal

  • Vietnam’s Gold Market Stumbles as Stronger Dollar Devalues Precious Metal

    Vietnam’s Gold Market Stumbles as Stronger Dollar Devalues Precious Metal

    Gold prices in Vietnam experienced a downturn on Tuesday as the dollar gained strength, affecting the value of the precious metal in global markets. The Saigon Jewelry Company reported a 1.05% decrease in the price of gold bars, now valued at VND141.5 million (US$5,373.89) per tael. It should be noted that a tael is equivalent to 37.5 grams or 1.2 ounces.

    The price of gold rings also plummeted, falling by 1.39% to VND142 million per tael. Thus far, this year has seen a 7.4% decrease in gold prices in Vietnam.

    On the global stage, the value of gold also depreciated. The strength of the dollar played a significant role in this decline, as investors eagerly awaited cues from the Federal Reserve’s imminent policy decision regarding the future of interest rates. Spot gold saw a 0.7% decrease on Tuesday, falling to $4,044.81 per ounce. This came after a potential 1% rise on Monday. U.S. gold futures for August delivery also took a hit, dropping by 0.8% to $4,045.40.

    The dollar’s value remained near a one-month high, making bullion priced in dollars less accessible for holders of other currencies. Ilya Spivak, head of global macro at finance content network Tastylive, commented on the situation saying, “We’re oscillating in this narrow range between $3,950 and $4,200, and I think the market is just waiting for Fed signals.”

    Questions & Answers

    What caused the decrease in gold prices in Vietnam?
    The strengthening of the dollar put pressure on the precious metal on global markets, leading to a decrease in gold prices in Vietnam.

    How much did the price of gold bars and gold rings decline?
    Gold bars decreased by 1.05% to VND141.5 million (US$5,373.89) per tael, while gold rings declined by 1.39% to VND142 million per tael.

    What is the current situation of gold prices on the global stage?
    Gold prices have fallen worldwide, with spot gold decreasing by 0.7% to $4,044.81 per ounce. The rise of the dollar’s value is making dollar-priced bullion more expensive for holders of other currencies.

  • Tasti Products Issues Global Recall Amid Safety Concerns Over Metal Fragments In Snacks

    Tasti Products Issues Global Recall Amid Safety Concerns Over Metal Fragments In Snacks

    Tasti Products, a popular snack company, has issued a recall for numerous items including snack bars, peanuts, and snack balls. This decision follows the discovery of wire-like metal fragments in some batches of these products.

    Recall Announcement

    The recall, which is being supported by the New Zealand Food Safety (NZFS), is a safety measure to avoid serious injuries that could possibly result from consumption of the affected products. Vincent Arbuckle, the NZFS deputy director-general, has issued a statement warning consumers to refrain from consuming these products. He further advised that customers should return any affected products to the point of purchase for a refund. If a return is not feasible, the products should be discarded.

    Distribution Information

    The recalled products have been widely distributed, reaching supermarkets and retailers not only in New Zealand but also in Australia, Fiji, India, and Singapore. The food safety authorities of these countries have been informed about the recall. The specific products and batch numbers being recalled have not been publicly released.

    Investigations Underway

    According to reports, no injuries related to the recalled products have been reported yet. Arbuckle added that NZFS, in line with their standard procedures, will be working closely with Tasti Products. The aim of this collaboration is to gain a comprehensive understanding of the circumstances that led to the contamination, and to implement measures to prevent similar incidents from happening in the future.

    Questions & Answers

    What should consumers do with the recalled Tasti Products?
    Affected products should be returned to the place of purchase for a refund. If this isn’t possible, the products should be discarded.

    What countries were the recalled products distributed to?
    The recalled products were distributed to supermarkets and retailers in New Zealand, Australia, Fiji, India, and Singapore.

    What measures are being taken to prevent future incidents?
    NZFS and Tasti Products are working together to understand how this incident happened. They will be implementing preventive measures to avoid similar occurrences in the future.

  • Gold falls after 2 weeks unchanged

    Gold falls after 2 weeks unchanged

    The Vietnam gold bar price dropped 0.62% to VND80.5 million ($3,251.87) per tael Thursday afternoon, while bullion stayed mostly flat globally.

    Price has remained unchanged at VND81 million since Aug. 20.

    Gold ring price went up 0.06% to VND78.55 million per tael.

    Globally old was little changed on Thursday as investors kept to the sidelines ahead of U.S. payrolls data that could provide more clues on the size of an expected rate cut this month.

    Spot gold steadied at $2,494.73 per ounce. U.S. gold futures lost 0.1% to $2,524.90.

    Non-yielding bullion tends to perform well when interest rates are low. It is also considered a hedge against economic and political uncertainties.

    “The highs for gold in 2024 may not yet have been reached, with the $2,600 level a viable target before year-end, if the Fed delivers the goods with a succession of quick-fire rate cuts before year-end,” said Tim Waterer, chief market analyst, KCM Trade.

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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 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 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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