Increased to 79 million VND per tael before God of Wealth Day

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 between the buying and selling price 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

The world gold price has risen back above the threshold of 2,000 USD/ounce and is trading around 2,003 USD/ounce. Compared to yesterday, the world gold price has increased by nearly 10 USD. The precious metal recovered after weaker-than-expected US economic data caused the USD and bond yields to fall.

Specifically, retail sales in the US in January were announced to fall 0.8% - a decrease larger than the 0.3% decrease forecast by Dow Jones economists. 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 the number of initial unemployment claims fell by 8,000 to an adjusted 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 makes the time for the Fed to cut interest rates may be longer than expected.

Investors are awaiting the producer price index (PPI) data due out today and comments from several Fed officials for clues on when the Fed might start cutting interest rates...

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