ANTD.VN - Hotter-than-expected US inflation data has pushed world gold prices down, and domestic gold has also turned to plummet after many consecutive increases.
Opening the trading session this morning, domestic gold businesses simultaneously adjusted the price of both SJC gold and gold rings down sharply, after yesterday's strong increase.
Specifically, Saigon Jewelry Company (SJC) listed buying and selling prices at 80.00 - 82.00 million VND/tael, down 500 thousand VND per tael in both buying and selling directions.
Although the decrease in other businesses is less, the price level is also slightly lower than that of SJC Company.
At DOJI Group, gold bars decreased by 100,000 VND per tael for buying and 200,000 VND per tael for selling, down to 79.90 - 81.90 million VND per tael.
PNJ kept the buying price unchanged, reduced the selling price by 200 thousand VND/tael, listed at 80.10 - 82.20 million VND/tael;
Bao Tin Minh Chau reduced 200 thousand VND/tael for buying and 150 thousand VND/tael for selling, currently trading at 80.00 - 81.95 million VND/tael;
At Phu Quy, the decrease is 100 thousand VND/tael in both directions, listed at 79.90 - 81.90 million VND/tael...
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Gold ring price today dropped sharply |
More significant is the decrease in gold rings when businesses simultaneously reduced by about 1 million VND per tael.
Accordingly, SJC's 9999 gold ring is listed at 68.00 - 69.30 million VND/tael; Bao Tin Minh Chau smooth round ring 68.78 - 70.08 million VND/tael; DOJI Hung Thinh Vuong 9999 ring 68.30 - 69.50 million VND/tael...
Thus, compared to the peak reached yesterday at over 71 million VND/tael, the price of gold rings at businesses today has lost about 1.7 million VND/tael.
Domestic gold prices plummeted amid a sharp correction in global gold prices after a series of previous sessions of steady increases. Currently, spot gold prices are trading around $2,160/ounce, down nearly $24 during the session.
The culprit for the gold price turn was the important US inflation report that came in slightly warmer than market expectations.
The closely watched report from the U.S. Department of Labor’s Bureau of Labor Statistics on March 12 showed that the headline consumer price index (CPI) rose 0.4 percent in February from January and 3.2 percent from a year earlier. The monthly increase was in line with forecasts, but the year-over-year increase was 0.1 percentage point higher than economists had forecast in a Dow Jones survey.
Core CPI, which excludes energy and food, rose 0.4% on a monthly basis and 3.8% on a yearly basis, both 0.1 percentage points higher than forecast.
Despite falling about two-thirds from its more than four-decade peak of over 9% set in mid-2022, US inflation is still nearly double the Fed’s 2% target. The numbers suggest that inflation is slowing and becoming more persistent.
The data is all the more sensitive as it comes as the world’s most powerful central bank prepares for its regular monetary policy meeting in a week, pushing back expectations of a Fed rate cut this summer.
The US dollar edged up after the data, while profit-taking was triggered in the gold market.
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