Neo high close to 80 million VND before God of Fortune day

On the morning of February 15, the domestic gold price remained close to 80 million VND as before Tet. Phu Nhuan Jewelry Company bought SJC gold bars at 76.7 million VND/tael and sold them at 78.9 million VND. Similarly, Mi Hong store bought SJC gold bars at 76.3 million VND, unchanged from the end of yesterday. However, this store increased the selling price by 200,000 VND, to 77.3 million VND. Mi Hong kept the buying price of 4-number 9 gold rings at 62.6 million VND and the selling price at 63.6 million VND.

Gold price on the morning of February 15 is close to 80 million VND per tael

World gold prices rose slightly but remained below the important threshold of 2,000 USD/ounce. At the beginning of the day, the precious metal stood at 1,993.6 USD/ounce, up more than 1 USD compared to yesterday morning.

The precious metal plunged to a two-month low after a stronger-than-expected US inflation report dampened the prospects of an early interest rate cut by the Federal Reserve. A report released earlier this week showed the US consumer price index (CPI) rose more than expected in January due to rising housing and health care costs.

This is not the report the market wants to see, said Tai Wong, a metals analyst in New York. Persistently high inflation has reduced the probability of a Fed rate cut in May to less than 50%. Higher interest rates increase the opportunity cost of holding zero-yielding assets like gold.

Investors will now focus on retail sales data due today (February 15) and producer price index (PPI) numbers tomorrow (February 16).

Markets will also hear from a range of Fed officials this week. Last week, several Fed officials, including Chairman Jerome Powell, said they wanted to see more evidence of continued weakness in inflation before cutting interest rates...

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