Gold rings increased to 75.3-77 million VND/tael

Update SJC gold price

Domestic SJC gold price developments at the close of session on April 16, 2024. Unit: Million VND/tael. Chart: Khuong Duy — Domestic SJC gold price closed on April 16, 2024.

Unit: Million VND/tael. Chart: Khuong Duy

The difference between buying and selling SJC gold is still at a high level of 2.1-2.3 million VND/tael. This puts investors at risk of losing money when investing in the short term.

9999 gold ring

As of 6:30 p.m. today, April 16, the price of gold rings at Bao Tin Minh Chau was listed at 75.33-77.03 million VND/tael.

Compared to the closing price of yesterday's trading session, Bao Tin Minh Chau adjusted the price of gold rings to increase by 150,000 VND/tael for buying and selling.

9999 Hung Thinh Vuong Round Ring at DOJI is listed at 75.15-77.05 million VND/tael (buy - sell).

Compared to the closing price of yesterday's trading session, DOJI adjusted the price of gold rings down by 400,000 VND/tael for both buying and selling.

Phu Nhuan Jewelry (PNJ) listed at 74.8-76.7 million VND/tael (buy - sell).

Compared to the closing price of yesterday's trading session, PNJ adjusted the price of gold rings to increase by 100,000 VND/tael for buying and 200,000 VND/tael for selling.

World gold price

World gold prices cooled down as the USD index fell. Recorded at 6:30 p.m. on April 15, the US Dollar Index, which measures the greenback's fluctuations against six major currencies, was at 106.080 points (up 0.07%).

Gold Price Forecast

Gold prices remain volatile amid heightened geopolitical tensions, particularly in the Middle East. Elsewhere, China kept its monetary policy unchanged at a central bank meeting.

Caroline Bain, chief commodities economist at Capital Economics, said in a report published last Friday that while she is optimistic about gold prices this year, she expects prices to have overshot expectations and then return to normal levels.

“Gold prices have risen 16.5% since the start of the year, which seems increasingly out of step with the interest rate outlook. Indeed, the strong US jobs report and March CPI are seen as a sign that interest rates could be higher for longer. This coincides with a rise in gold prices, while Treasury yields and the US dollar have also risen,” she said.

Gold fell from its Friday high but remained firmly in record territory. June gold futures last traded at $2,394.10 an ounce, up nearly 1% on the day.

Although growing geopolitical uncertainty in the Middle East has created safe-haven demand for gold in recent weeks, it is not a sustainable trend, the analyst said.

“Other safe-haven assets, such as the Swiss franc, have not performed as strongly and there have been consistent outflows from European gold ETFs,” she said.

The biggest driver of gold prices this year, helping the precious metal weather headwinds from shifting monetary policy expectations, has been demand in China. The premium on the Shanghai Gold Exchange recently hit a record high over the London price. But Ms. Bain expects demand to weaken later in the year.

“We expect the gold rush in China to eventually subside and traditional price drivers to prevail by the end of the year. This view is based on our forecast that Chinese equities will recover somewhat in the coming years,” she said.

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