Gold price on October 16: Gold ring price skyrockets, approaching gold bar price

(Photo: THANH DAT)

In today’s trading session, domestic gold bars and gold rings simultaneously set their highest prices ever. Meanwhile, gold prices on the international market have shown no signs of stopping rising as US-China trade tensions have heated up in recent days and the US government has been shut down for a long time.

Specifically, at 11:30 a.m. on October 16, Saigon Jewelry Company (SJC) listed the buying and selling price of SJC gold bars at 147.1-149.1 million VND/tael, an increase of 1.1 million VND per tael for both buying and selling compared to the previous session. The difference between buying and selling was 2 million VND.

Gold price statistics of Dragon Viet Online Service Joint Stock Company VDOS - Updated at 11:30 am on October 16.

SJC 9999 gold ring price is 145.4 million VND/tael for buying, 147.6 million VND/tael for selling, up 1.2 million VND/tael in both directions (buying-selling).

Meanwhile, DOJI gold bar price in Hanoi and Ho Chi Minh City was bought at 147.1 million VND/tael and sold at 149.1 million VND/tael, an increase of 1.1 million VND per tael in both buying and selling compared to the previous session's close.

This brand listed the price of Doji Hung Thinh Vuong 9999 gold ring at 146-148.5 million VND/tael (buy-sell), an increase of 1.2 million VND/tael for buying and 700 thousand VND/tael for selling compared to yesterday.

PNJ Gold listed buying price at 146 million VND/tael and selling price at 149 million VND/tael, an increase of 1.2 million VND per tael in both directions (buying and selling) compared to the previous session's close.

As of 11:30 a.m. on October 16 (Vietnam time), the world gold price increased by 29.9 USD/ounce compared to the previous session to 4,237.1 USD/ounce.

World gold prices have been increasing non-stop in recent days.

World gold price chart on October 16. (Photo: kitco.com)

US President Donald Trump's threat to impose additional tariffs of 100% on Chinese goods has escalated trade tensions between the two countries, increasing uncertainty about economic growth prospects and boosting demand for the precious metal as a safe haven against rising inflation in the international market.

In addition, the US government shutdown for more than two weeks has negatively impacted the world's largest economy. The US Federal Reserve (FED) lacks important information and is having to look for alternative data sources to assess the health of the US economy.

Federal Reserve Chairman Jerome Powell said the central bank is on track to cut interest rates by another 0.25 percentage points at its meeting later this month. He stressed that the pace of hiring in the US is slowing and the labor market could weaken further, warning that the number of job openings will lead to a rise in the unemployment rate.

In addition, the weakening USD also caused investors to increase their gold purchases to preserve capital, supporting the increase in price of this precious metal.

According to Kitco, JP Morgan CEO Jamie Dimon said that gold prices could rise to $5,000/ounce when supply is scarce and demand is still high.

According to technical analysis, gold tends to increase in the medium and long term, but in the short term a correction may occur as the precious metal is in the overbought zone.

Today, the USD-Index fell to 98.6 points; the yield on 10-year US Treasury bonds is currently at 4.027%; the US stock market rose again thanks to positive financial reports of major banks; world oil prices fell, trading around 62.47 USD/barrel for Brent oil and 58.85 USD/barrel for WTI oil.

Nhandan.vn

Source: https://nhandan.vn/gia-vang-ngay-1610-vang-nhan-tang-cao-chot-vot-tien-sat-gia-vang-mieng-post915742.html