Gold rings continue to increase

The price of 4-9 gold rings increased by about 50,000 VND per tael. Saigon Jewelry Company - SJC bought 63.05 million VND, sold 64.15 - 64.25 million VND; Bao Tin Minh Chau Company bought 63.88 million VND, sold 64.98 million VND; Doji Group bought 63.45 million VND, sold 64.65 million VND... The buying and selling price of gold rings remained at 1.1 - 1.2 million VND/tael.

The difference between buying and selling price of SJC gold bars is 2.5 million VND/tael. SJC Company buys at 74 million VND and sells at 76.5 million VND; Doji Group buys at 73.95 million VND and sells at 76.45 million VND... The price of SJC gold bars is 15.65 million VND/tael higher than the world price, and gold rings are 3.4 million VND higher. The world gold price decreased by 2 USD/ounce to 2,052 USD/ounce.

SJC gold bar price remains stable

Gold fluctuations on January 16: Gold ring price increased to record level, gold bars remained unchanged

However, the precious metal is still at a high level due to safe-haven demand due to concerns about tensions in the Middle East and new expectations that the US Federal Reserve will cut interest rates sooner than expected.

Some US economic data released last week showed inflation trending down as the producer price index unexpectedly fell. Forecasts said the Fed would cut interest rates by 1.66% instead of 1.5%. Gold is often supported by lower US interest rates.

Gold has regained $2,050 an ounce but has yet to break out. Analysts say any further escalation in the Middle East could spur safe-haven demand for gold and push prices back to $2,100 an ounce.

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