Gold rings continue to rise

Saigon Jewelry Company - SJC increased the price of 4-number 9 gold rings by 150,000 VND per tael, buying at 56.55 million VND, selling at 57.65 million VND. Meanwhile, the price of SJC gold bars of the company remained at 66.65 million VND, selling at 67.25 million VND. Eximbank bought gold bars at 66.8 million VND, selling at 67.2 million VND. On the contrary, Mi Hong Jewelry Company increased the price of gold bars by 50,000 - 100,000 VND, buying at 66.65 million VND, selling at 67.1 million VND... The price of SJC gold bars is 9.7 million VND/tael higher than the world price .

SJC gold bars are 9.7 million VND/tael higher than the world price.

World gold prices on May 16 increased slightly by 1 USD/ounce, to 2,017 USD/ounce. During the US trading session (night of May 15), the precious metal continuously increased and decreased within a range of 10 USD/ounce, from 2,012 - 2,022 USD/ounce. The market fluctuated while waiting for information on the US debt ceiling negotiations between the White House and Congress, in the face of the risk that the US government could run out of money as soon as June 1. US Treasury Secretary Yellen said over the weekend that negotiations were underway between the Democratic and Republican parties, aiming to avoid a financial disaster in which the US government could not fulfill its debt obligations.

A default on U.S. debt would significantly hamper the Federal Reserve’s ability to set short-term interest rates. That’s because U.S. government bonds are key to how the central bank targets short-term interest rates. Anything that attracts the Treasury market could disrupt those mechanisms. The debt ceiling crisis and the possibility of a default continue to provide a lot of support for gold prices above $2,000 an ounce.

The gold market is watching as two gold mining companies prepare to merge. Newmont Mining is buying Australia's Newcrest Mining, making the largest gold mining acquisition ever and creating the world's largest gold mining operation.

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