Domestic gold bar prices increased by half a million VND/tael despite world prices slowing down

World gold prices stagnated at 2,030 USD/oz while investors waited for US inflation reports expected to be released this week. Gold bar price, after falling below the mark of 74 million VND/tael yesterday morning, quickly regained this mark, continuing to differ by about 14.5 million VND/tael compared to the international price.

At 9:00 a.m. this morning (January 10), Phu Quy Group listed the price of SJC gold bars for the Hanoi market at 71.6 million VND/tael (buying) and 74.4 million VND/tael (selling). ). Compared to yesterday morning, the price of SJC gold bars at this enterprise is currently increased by 450,000 VND/tael at each end of the price. But compared to late yesterday afternoon, the price has not changed.

Phu Quy brand 999.9 plain round gold ring has a buying price of 62.35 million VND/tael and a selling price of 63.55 million VND/tael, unchanged from last weekend.

In the Ho Chi Minh City market, SJC Company quoted the price of gold bars of the same brand at 71.5 million VND/tael and 74.5 million VND/tael, moving sideways compared to yesterday morning.

Spot gold price in the Asian market at 9am Vietnam time stood at 2,031.4 USD/oz, up 1.3 USD/oz, equivalent to an increase of 0.06%, compared to the closing session on Tuesday. in the New York market – according to data from the Kitco exchange. Compared to the same time yesterday morning, world gold prices are slightly decreasing by about 2 USD/oz.

Converted according to the USD selling rate at Vietcombank, the world gold price is currently equivalent to about 60 million VND/tael, equal to the level of yesterday morning.

Compared to the converted international gold price, the retail price of SJC gold bars is 14.4-14.5 million VND/tael higher, while the price of gold rings is 3.5-3.6 million VND/tael higher.

Vietcombank this morning quoted USD price at 24,170 VND (buy) and 24,540 VND (sell), an increase of 25 VND at each price compared to yesterday morning.

This week, the focus of investors’ attention is on two important inflation reports – the basis for adjusting expectations about the interest rate path of the US Federal Reserve (Fed). The December consumer price index (CPI) report will be published by the US Department of Labor on Thursday, followed by the producer price index (PPI) on Friday.

According to analyst forecasts, total CPI increased 0.2% over the previous month and increased 3.2% over the same period last year.

Investor expectations for an interest rate cut in March by the Fed continue to decline. According to data from CME’s FedWatch Tool, the market is betting on a 65.7% chance of the Fed cutting interest rates by at least 0.25 percentage points at its meeting on March 19-20. A week ago, this possibility was still at 79%.

Current developments  world gold last 6 months.  Unit: USD/oz - Source: TradingView.
World gold price developments in the past 6 months. Unit: USD/oz – Source: TradingView.

According to Kitco Metals analyst Jim Wyckoff, if US inflation figures are higher than forecast, the Fed will be unlikely to cut interest rates soon. In such a case, gold prices will face downward pressure. On the contrary, if inflation continues to weaken, the possibility of the Fed cutting interest rates in March will increase, benefiting gold prices.

Positive news for investors in the gold market is a survey by the New York Fed released on Monday this week showing that US consumers expect inflation to continue to decline while income and spending of households will increase in the next few years – meaning a soft landing scenario for the economy.

On the same Monday, Fed Governor Michelle Bowman said that the Fed’s monetary policy appeared to be “tight enough” – signaling that the Fed may not raise interest rates further and will move to reduce interest rates.

The Dollar Index, which measures the dollar’s strength against a basket of six other major currencies, rose on Tuesday, reaching more than 102.5 points, from 102.2 points in the previous session. Year to date, the index has recovered nearly 1.2%, after falling more than 2% last year.

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