Gold Price Update on July 16th 2024

The SJC gold bar remained unchanged at 76.98 million VND/tael in the domestic market this morning.

Gold rings followed the world price trend, with many brands now surpassing the SJC gold bar price.

As of 11:00 on July 16th, the DOJI gold bar in Hanoi and Ho Chi Minh City was listed at 75.5 million VND/tael for buying and 76.98 million VND/tael for selling, increasing by 520,000 VND (buying) compared to the previous session.

The Doji Hung Thinh Vuong brand listed the 9999 gold ring at 76.5-77.75 million VND/tael, compared to the previous session.

Saigon Precious Metals, Gems, and Jewelry Company listed the SJC gold bar at 75.48-76.98 million VND/tael for buying and selling. Meanwhile, the SJC 9999 gold ring traded at 75.45 million VND/tael for buying and 76.85 million VND/tael for selling, increasing by 300,000 VND compared to the previous session.

Gold prices at PNJ were bought at 75.5 million VND per tael and sold at 76.9 million VND per tael, increasing by 350,000 VND and 300,000 VND, respectively, compared to the previous session.

As of 11:00 AM on July 16th (Vietnam time), the world gold price continued to rise by 18.5 USD compared to the previous session, reaching 2,429 USD/ounce.

Currently, most experts and small investors believe that gold will increase in the short term. According to Mr. Marc Chandler, Managing Director at Bannockburn Global Forex, the upward trend of the gold metal continues. Chandler stated that gold has increased for the third consecutive week, supported by lower US yields and a weaker USD. Furthermore, speculation that the FED may cut interest rates more than twice this year is also creating a positive market sentiment.

According to the FedWatch CME tool, the market is predicting a 94% chance that the US will cut interest rates in September.

Commodity strategists Soni Kumari and Daniel Hynes from the Australia ANZ Bank expect gold prices to rise to 2,500 USD/ounce by the end of the year, seeing strong demand in India this year, even at current high gold prices.

This morning, the USD-Index was at 104.33 points; the yield on 10-year US Treasury bonds was at 4.213%; US stocks continued to rise; and oil prices fell to 84.67 USD per barrel for Brent crude and 80.6 USD per barrel for WTI crude.

SOURCE OF NEWS: nhandan.vn