The price of 9999 gold rings increased by approximately 50,000 VND per tael. Saigon Jewelry Company (SJC) bought at 63.05 million VND and sold at 64.15 - 64.25 million VND; Bao Tin Minh Chau Company bought at 63.88 million VND and sold at 64.98 million VND; Doji Group bought at 63.45 million VND and sold at 64.65 million VND… The buying and selling price difference for gold rings remained at 1.1 - 1.2 million VND/tael.
The difference between buying and selling prices for SJC gold bars remains at 2.5 million VND/ounce. 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… SJC gold bars are 15.65 million VND/ounce 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 prices remain unchanged.
Gold price fluctuations on January 16th: Ring gold prices reach record high, gold bars remain unchanged.
Nevertheless, precious metals are currently trading at high levels as demand for safe-haven assets increases due to concerns over tensions in the Middle East and renewed expectations that the US Federal Reserve (Fed) will cut interest rates sooner than anticipated.
Some US economic data released last week showed inflation trending downwards as the producer price index unexpectedly fell. Forecasts suggest the Fed will cut interest rates to 1.66% instead of 1.5%. Gold is typically supported by lower USD interest rates.
Gold regained the $2,050/ounce level but has yet to break through. Analysts believe that any further escalation in the Middle East could boost demand for safe-haven gold and push prices back to $2,100/ounce.
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