Saigon Jewelry Company's Gold Bar Price Drops Amid Global Market Trends

Gold prices dropped 1.11% to VND89 million per tael at Saigon Jewelry Company, marking a 3.67% decline from its historic peak. The decline is attributed to investors awaiting crucial US inflation data, which could influence the Federal Reserve's monetary policy decisions.

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Saigon Jewelry Company's Gold Bar Price Drops Amid Global Market Trends

Saigon Jewelry Company's Gold Bar Price Drops Amid Global Market Trends

On Tuesday, the price of a gold bar at Saigon Jewelry Company (SJC) decreased by 1.11% to VND89 million ($3,496.37) per tael, marking a 3.67% decline from its historic peak on Friday. The drop in SJC's gold bar price occurred despite an increase in the gold, price, ahead, us, inflation, data, silver, g.

Why this matters: The fluctuation in gold prices has significant implications for investors and the global economy, as it can influence the timing of central banks' monetary policy decisions. A decrease in gold prices could also affect the value of other precious metals and commodities, leading to a ripple effect in the market.

The global spot rose by 0.23% to $2,341.00 on Tuesday. However, gold prices decreased by 0.7% to $2,344.53 per ounce on Monday, poised for its largest daily drop in almost two weeks. US gold futures also declined by about 1% to $2,350.80.

The drop in gold, prices, ahead, key, us, inflation, data is attributed to investors awaiting crucial US inflation data, which could influence the timing of the Federal Reserve's initial rate adjustment. The US is set to release the producer price index (PPI) data on Tuesday, followed by the consumer price index (CPI) on Wednesday.

According to a Reuters poll, median projections suggest that core consumer prices are expected to increase by 0.3% in April, down from the 0.4% rise recorded in March, which could result in a decrease in the annual rate to 3.6%. Markets are currently pricing in a 65-67% chance of a rate cut at the Fed's September meeting, which could push gold, prices, focus, us, inflation, data higher if inflation cools down.

Pranav Mer, VP - Research (Commodity & Currency) at BlinkX and JM Financial, stated: "Any signs of cooling inflation would push those bets higher, but a higher reading would push back rate cuts expectation to possibly November meeting." gold, await, key, us, inflation, data, rate, cut,

Despite the decline in gold prices, spot silver saw a 0.4% increase to $28.27 per ounce on Monday, while platinum rose by 0.9% to $1,002.65 and palladium experienced a 0.5% uptick to $982.75. The price of a gold ring at SJC also decreased by 0.06% to VND76.3 million per tael on Tuesday, gold, prices, back, morning, drop.

Key Takeaways

  • Gold price at SJC decreased by 1.11% to VND89 million ($3,496.37) per tael.
  • Global spot gold price rose by 0.23% to $2,341.00 on Tuesday.
  • Gold prices dropped due to investors awaiting US inflation data.
  • US inflation data release could influence Federal Reserve's rate adjustment.
  • Spot silver, platinum, and palladium prices increased despite gold's decline.