Decline in Gold Prices
5 Articles
5 Articles
With gold trading below $4,150 per ounce, high oil prices, a strengthening dollar, and rising bond yields are putting pressure on the precious metal. The selling price of one gram of gold is 6,605 TL, while investors are awaiting the Fed's October 27-28 meeting and the US inflation figures to be released next week.
Gold prices fell today, with spot gold dropping 0.5% to $4,143.91 per ounce. U.S. gold futures for December delivery also declined, falling 0.4% to $4,163.30 per ounce. The dollar edged higher, making dollar-denominated gold more expensive for holders of other currencies, while the yield on the benchmark 10-year U.S. Treasury note rose 0.6%.
Despite falling oil prices, the price of gold remained below $4,150 per ounce on the morning of October 20. With US bond yields and the dollar hindering the recovery, investors face two critical dates and closely watched price levels.
At 6:09 PM GMT on October 19th (1:09 AM on October 20th in Vietnam time), the spot gold price fell 0.4%, to $4,147.87 per ounce. Asian gold markets reacted positively to falling oil prices. Domestic gold prices remained stable, trading around 143.6 million VND. Gold prices on October 19th: Price list at domestic gold, silver and gemstone companies.
At 0:30 AM on October 20th, the world gold price fell by $27/ounce, to $4,139/ounce. Converted using the exchange rate listed at banks, the world gold price is equivalent to 130.2 million VND/ounce.
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