ANTD.VN - World gold is under pressure as US inflation data is higher than market expectations. Domestic gold prices have also decreased slightly after yesterday's spectacular recovery.
In yesterday’s trading session, domestic gold prices recovered strongly, regaining most of what was lost in the previous session. Accordingly, SJC gold increased sharply by about 1.3 million VND/tael, while gold rings also increased by about 600 – 700 thousand VND/tael.
Entering this morning's session, the domestic precious metals market could not continue to maintain this upward momentum when world gold faced slight profit-taking pressure.
Specifically, opening the trading session this morning, Saigon Jewelry Company (SJC) listed the buying and selling prices at 79.40 - 81.40 million VND/tael, a slight decrease of 100 thousand VND per tael in both buying and selling directions.
At DOJI Group, gold bars also decreased by VND200,000 per tael in both directions, to VND79.30 - 81.30 million per tael.
Bao Tin Minh Chau reduced the buying price by 200,000 VND/tael and the selling price by 250,000 VND/tael, listed at 79.4 - 81.25 million VND/tael;
Phu Quy decreased by 100 thousand VND/tael to 79.3 - 81.30 million VND/tael; PNJ also had the same decrease, currently trading at 79.40 - 81.40 million VND/tael.
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World gold prices fall as USD strengthens |
For gold rings, the decrease in the early morning was only about 50 - 100 thousand VND per tael.
Accordingly, SJC 9999 gold rings are listed at 67.70 - 68.95 million VND/tael; Bao Tin Minh Chau smooth round rings are 68.28 - 69.58 million VND/tael; DOJI Hung Thinh Vuong 9999 rings are 68.15 - 69.55 million VND/tael...
In the world, gold prices have failed to maintain recovery momentum, falling about 13.5 USD/ounce as of this writing and are trading above 2,161 USD/ounce for spot gold.
The precious metals market is facing some profit-taking pressure as another important US economic data is also showing “warmer” inflation than expected. Specifically, the producer price index report for February reached 0.6%, double the forecast of 0.3% increase compared to the previous month and following the 0.3% increase in the January report.
The report follows Tuesday's February consumer price index from the world's largest economy, which also beat analysts' expectations.
The producer price index is a precursor to retail prices and will influence inflationary pressures on consumers. Therefore, the market is understanding that inflation will remain very strong in the future, which may prevent the US Federal Reserve (Fed) from cutting interest rates as soon as recently predicted.
Concerns about rising inflation and the possibility of the Fed delaying rate cuts have also pushed up Treasury yields and the US dollar, both of which have an inverse correlation with gold prices.
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