Gold ring price sets new record

At 9:00 a.m. on January 16, the price of gold rings was listed by Doji Group at 63.45 - 64.65 million VND/tael (buy - sell).

At SJC, the price of gold rings is also listed at 63.05 - 64.15 million VND/tael (buy - sell).

At this price, gold rings have set a new record.

In contrast to gold rings, the price of gold bars today tends to decrease. Specifically: the gold price at Doji is listed at 73.95 - 76.45 million VND/tael (buy - sell), down 500,000 VND/tael in the selling direction compared to early this morning.

Meanwhile, the gold price at SJC is listed at 74 - 76.5 million VND/tael (buy - sell), also down 500,000 VND/tael in the selling direction.

In the world, gold prices are on an upward trend. The world gold price today listed on Kitco is at 2,055 USD/ounce, up 8 USD/ounce compared to early this morning.

Gold prices edged up on concerns about tensions in the Middle East and renewed expectations that the US Federal Reserve will cut interest rates sooner than expected.

A report released late last week showed that U.S. producer prices unexpectedly fell in December. The data prompted traders to bet that the Fed would cut interest rates by 166 basis points this year instead of the previously priced 150 basis points.

Along with the conflict in Ukraine, the Red Sea crisis is considered by many organizations to have the potential to destroy the recovery hopes of the global economy. In this context, gold is seen as a safe haven and thus has more motivation to increase in price.

Strong demand helped precious metals gain despite a stronger dollar. The DXY index, which measures the greenback against a basket of six major currencies, rose to 102.6 from 102.4.

During the week of January 15-21, gold prices are expected to increase not only due to geopolitical tensions but also due to negative signals from the US economy. The US producer price index (PPI) decreased, increasing the possibility that the US Federal Reserve (Fed) will lower interest rates sooner than expected.

Currently, the world gold price is gradually increasing but is facing a strong resistance level: 2,088 USD/ounce. This is the peak level set in December 2023, profit-taking selling pressure often increases when gold approaches such levels.

HA (according to VTC News)

Source