Gold rings are cheaper than 10 million VND bars.

On the morning of May 13th, the price of gold bars at Saigon Jewelry Company (SJC) decreased by 50,000 VND in the buying price compared to yesterday morning, down to 66.55 million VND, but increased by 50,000 VND in the selling price, up to 67.25 million VND. Conversely, 9999 gold rings maintained their buying price at 56.35 million VND and the selling price at 57.35 million VND. Currently, SJC gold rings are nearly 10 million VND cheaper than gold bars. This difference is lower than the 13-14 million VND difference at the end of 2022.

World gold prices continue to fall. Earlier in the day, the precious metal hovered around $2,011.5 per ounce, down nearly $6 from yesterday morning.

SJC gold prices continued to rise on the selling side this morning, May 13th.

Following the low increase in the Consumer Price Index (CPI) in April, US wholesale price data released on May 11th was also lower than expected. This further indicates that inflation in the world's largest economy has eased.

Yesterday, the U.S. Bureau of Labor Statistics reported that import prices rose 0.4% in April compared to March, marking the first increase since the beginning of 2023 and slightly higher than the 0.3% increase forecast by economists surveyed by Dow Jones.

Meanwhile, preliminary data on the University of Michigan's consumer sentiment index for May fell to a six-month low of 57.7, far below the 63 forecast from the Dow Jones poll. The poll also showed the outlook for inflation over the next five years rising to 3.2%, the highest level since June 2008...

However, inflation data has not reassured investors, as conflicts over the US debt ceiling remain unresolved. CNBC reported that the debt ceiling meeting between US President Joe Biden and congressional leaders, scheduled for yesterday (May 12), has been postponed until next week.

Amidst this lingering anxiety, the US dollar has risen to a one-month high and recorded its strongest weekly gain since February 2023. This is a major reason why gold has become less attractive to buyers. But according to Bob Haberkorn, senior market strategist at RJO Futures, the dollar's rise is limited by the debt ceiling issues we will experience in the coming weeks, and gold would benefit if that continues...

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