At 9:33 a.m. on August 16 , Saigon Jewelry Company (SJC) lowered the price of 1-5-chi gold rings to 76.45-77.75 million VND/tael (buy - sell), down 50,000 VND/tael in both buying and selling compared to early this morning. The price of gold rings at other brands remains the same.
Gold price movements today show that domestic gold rings fluctuated little this morning.
Specifically, Saigon Jewelry Company (SJC) listed the price of gold rings of type 1-5 at only 76.5-77.8 million VND/tael (buy - sell), unchanged from the closing price of yesterday's trading session.
Doji Gold and Gemstone Group listed the price of 9999 round gold rings at 76.55-77.75 million VND/tael (buy - sell), unchanged from the closing price of yesterday's trading session.
Early morning of August 16 , SJC 9999 gold price remained unchanged compared to the closing price of yesterday's trading session, at 80 million VND/tael (selling).
The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:13 a.m. and the price of 9999 gold was listed by Doji Jewelry Group at 8:38 a.m. as follows:
Buy | Sell | |
SJC HCMC | 78,000,000 VND/tael | 80,000,000 VND/tael |
Doji Hanoi | 78,000,000 VND/tael | 80,000,000 VND/tael |
Doji HCMC | 78,000,000 VND/tael | 80,000,000 VND/tael |
SJC and Doji gold price list updated early morning August 16
At the end of the session on August 15, the price of 9999 gold bars at SJC was 78 million VND/tael (buy) and 80 million VND/tael (sell). SJC listed the price of gold rings at 76.5-77.8 million VND/tael (buy - sell).
Doji Hanoi listed at 78 million VND/tael (buy) and 80 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 78 million VND/tael and sold at 80 million VND/tael.
Bao Tin Minh Chau listed the price of gold rings at 76.52-77.72 million VND/tael (buy - sell).
The central exchange rate on August 16, 2024 announced by the State Bank is 24,254 VND/USD, down 6 VND compared to the previous trading session. The USD price at commercial banks this morning (August 16) was commonly listed at 24,860 VND/USD (buy) and 25,230 VND/USD (sell).
At 8:33 a.m. today (August 16, Vietnam time ), the world spot gold price stood at around 2,456.1 USD/ounce, up 9.6 USD/ounce compared to last night. The price of gold futures for December 2024 on the Comex New York floor was at 2,497.3 USD/ounce.
On the morning of August 16 , the world gold price converted to USD bank price was over 75.4 million VND/tael, including tax and fees, about 4.6 million VND/tael lower than the domestic gold price.
Gold price on Kitco floor at 9:00 p.m. (August 15, Vietnam time) was trading at 2,446.5 USD/ounce, down 0.14% compared to the beginning of the session. Gold futures price for December 2024 delivery on Comex New York floor was trading at 2,500.6 USD/ounce.
At the beginning of the trading session on August 15 (US time), world gold prices fell when the US just announced a series of important economic data that was unfavorable for precious metals.
The drop in unemployment claims suggests the US economy is recovering well, further strengthening the case for the Federal Reserve to cut interest rates lower than expected in September.
The precious metal, still under pressure from the sell-off earlier in the week, was further pressured by the latest inflation report, which dampened market optimism about a monetary policy pivot in September.
The US consumer price index (CPI) rose 0.2% in July, compared to 2.9% in the same period last year, according to the US Department of Labor's Bureau of Labor Statistics.
Tai Wong, an independent metals trader in New York, said a September rate cut was a certainty. However, the latest data disappointed the market by reinforcing the case for a 25 basis point cut, rather than the 50 basis points expected.
Investors are shifting their expectations for a 25 basis point rate cut, which could dampen the momentum in the gold market, according to Phillip Streible, market strategist at Blue Line Futures.
According to the CME FedWatch tool, after the CPI report was released, the possibility that the Fed will cut interest rates by 50 basis points at the September meeting decreased from 50% to 41%.
Although gold is under pressure from interest rates, Societe Generale's commodity strategist Ben Hoff said the precious metal is still receiving significant support from safe-haven demand due to concerns about geopolitical tensions.
Forecasting the gold price trend, analyst Waterer said that gold prices could reach $2,500/ounce if economic data reinforces market optimism about the possibility of a 50 basis point cut by the Fed.
Source: https://vietnamnet.vn/gia-vang-hom-nay-16-8-2024-vang-nhan-quay-dau-giam-nhe-2312209.html
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