Gold prices gain
Vietnam gold prices rose Wednesday morning, in line with an increase in global bullion rates.
Gold prices have increased slightly, according to the latest data. The price of a gold bar in Vietnam rose by 0.41% to VND145.9 million (approximately $5,615.97) per tael. A tael is equivalent to 37.5 grams or 1.2 ounces. Similarly, the price of a gold ring increased by a similar rate to VND145.4 million per tael.
On a global scale, gold prices rose marginally on Wednesday due to a decline in oil prices. Investors are eagerly anticipating the U.S. Federal Reserve's policy decision, as markets seem to be pricing in a rate hike. Spot gold gained 0.8% to $4,328.39 per ounce, after it had hit a low that hadn't been seen for more than a month earlier in the week. U.S. gold futures for December delivery, on the other hand, fell by 0.9% to $4,369.50.
The impact of a hawkish Federal Reserve decision on gold prices is a point of interest. Such a decision could potentially lead to a drop in gold prices, while a soft message might ease expectations of rate hikes, thus helping to stabilize the metal's value. Traders are also closely watching oil prices and events unfolding in the Middle East, as these factors could influence the outlook for gold prices. Frank Walbaum, a market analyst at trading platform Naga.com, noted these considerations in a report quoted by Reuters.
Written by urgent.news from VnExpress Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
