On the morning of February 16, domestic gold prices increased again following the world trend. Saigon Jewelry Company - SJC increased by 200,000 - 300,000 VND, bringing the buying price of gold bars to 76.8 million VND/tael and the selling price to 79 million VND. Currently, the difference in buying and selling prices of SJC gold bars remains at 2.2 million VND per tael. Meanwhile, the price of SJC gold bars at Phu Nhuan Jewelry Company is bought at 76.5 million VND/tael and sold at 78.75 million VND; Mi Hong store buys SJC gold bars at 77.7 million VND and sells at 78.7 million VND...
Particularly, the 4-number-9 gold ring at SJC was bought for 63.3 million VND and sold for 64.5 million VND, an increase of 100,000 VND...
Gold bar price on the morning of February 16 increased to 79 million VND per tael
Gold fluctuations on February 16: Gold price increases before God of Wealth day
World gold prices rose back above the $2,000/ounce threshold and are trading around $2,003/ounce. Compared to yesterday, world gold prices increased by nearly $10. The precious metal recovered after weaker-than-expected US economic data caused the USD and bond yields to fall.
Specifically, US retail sales in January were announced to have fallen 0.8% - a larger decrease than the 0.3% decrease that Dow Jones economists predicted. Immediately after that, the yield on 10-year US Treasury bonds fell to 4.23%.
In addition, a report from the US Department of Labor said that the number of initial unemployment claims decreased by 8,000 to an adjusted level of 212,000. Previously, the US consumer price index in January increased sharply, causing many analysts to believe that the path to bring inflation back to the US Federal Reserve's 2% target is still long. This means that the time for the Fed to cut interest rates may be longer than expected.
Investors are awaiting producer price index (PPI) data due out later today and comments from several Fed officials for clues on when the Fed might start cutting interest rates...
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