This morning (February 9), the 30th day of the Lunar New Year, private gold and gemstone stores are still open. At these stores, the price of SJC gold bars is almost not listed because they mainly trade gold rings.
For example, the price of 4-9 gold rings at many stores in the Thiec Market area (District 11, Ho Chi Minh City) is kept at around 63.8 - 63.9 million VND/tael. Meanwhile, Mi Hong gold and silver store has listed 4-9 gold rings since the end of February 7 with a buying price of 63 million VND/tael and a selling price of 64 million VND/tael. The price difference between gold rings at many private stores is kept at 1 million VND.
SJC gold bars at Mi Hong yesterday afternoon increased by 200,000 VND, bringing the buying price to 77.5 million VND and the selling price to 78.5 million VND...
Gold ring with 4 number 9 is close to 64 million VND on the morning of the 30th of Tet
World gold prices fell slightly to $2,034.7 per ounce. The precious metal struggled in the market despite the USD rising in value and US bond yields reaching 4.1% per year due to expectations of an early interest rate cut from the US Federal Reserve (Fed).
CNBC news agency commented that some Fed officials speaking on February 7 gave a series of reasons why they felt no urgency in starting to loosen monetary policy in the US soon.
Investors now see a 61% chance of a rate cut in May, according to the CME FedWatch tool. Lower rates reduce the opportunity cost of holding non-yielding metals like gold. The uncertainty over the timing of a Fed rate cut has kept gold largely flat at the moment.
Recently, a report from the German Federal Statistical Office said that demand for this precious metal was also affected when German industrial output fell more than expected in December 2023, marking the 7th consecutive month of decline and highlighting the weakness of Europe's largest economy...
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