On the morning of June 17, the price of gold bars at Saigon Jewelry Company - SJC was bought at 66.55 million VND, sold at 67.15 million VND, down 50,000 VND compared to yesterday morning. In particular, SJC reduced the price of 4-number 9 gold rings by 100,000 VND, down to 55.6 million VND for buying and 56.55 million VND for selling... Although the quality is the same, buyers of gold rings will pay 10.6 million VND per tael less than buying SJC gold bars.
World gold price increased to 1,959.2 USD/ounce, slightly increased compared to yesterday morning. Equivalently converted, world gold price is 56 million VND (excluding tax and fees).
Gold rings are cheaper than SJC gold bars.
After the US Federal Reserve (Fed) announced that it would keep interest rates unchanged in the middle of the week, the market also received some positive information about inflation and the economy . The results of a survey by the University of Michigan showed that US consumers' short-term inflation expectations fell to their lowest level in more than 3 years in June and the outlook for the next 5 years improved slightly.
Hawkish comments from some Fed officials appear to be countering support from both the dollar and weak jobless claims data, causing gold to continue to swing back and forth between positive and negative territory at the moment, according to Reuters.
On the other hand, Phillip Streible, chief market strategist at Blue Line Futures in Chicago, said that the jobs numbers and the dollar’s decline against other currencies are providing some advantages for gold. The USD-Index edged up slightly, but was still on track for its worst week in five months, making gold cheaper for foreign buyers.
In this context, the world's largest gold ETF - SPDR Gold Trust - in the last session of the week, June 16 (US time), returned to net buying 4.3 tons of gold after many consecutive net selling sessions in the previous 10 days. However, the amount of gold owned by this fund is still low at 934.03 tons.
The European Central Bank (ECB) also raised interest rates to a 22-year high on June 15 and next week, the Bank of England (BoE) may raise interest rates by another 0.25%...
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