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Price of gold and USD freely go up

Price of gold and USD freely go up

Monday 31, 08 2020
Compared to the converted world gold price, SJC retail gold price is cheaper than VND 100,000-150,000/tael ...

World gold price increased slightly

Bringing the price of gold piece in the country this morning (January 16) to increase about 100,000 VND per tael. Free USD price increased sharply, while USD bank price dropped slightly.

At nearly 11:00 am (16/1/2020), Bao Tin Minh Chau Company listed SJC gold price for the Hanoi market at VND 43.15 million/tael (bought in) and VND 43.35 million/tael (sold). In Ho Chi Minh City market, SJC Company quoted the price of gold bars of the same brand at VND 43.05 million/tael and VND 43.4 million/tael, corresponding to the buying and selling prices.

Compared to the same time yesterday, the current price of gold bars increased by 50,000-100,000 VND/tael. Compared to the converted world gold price, SJC retail gold price is cheaper than VND 100,000-150,000 per tael.

Prices of other 999.9 gold products also increased slightly. The Thang Long Dragon Circle Ring of Bao Tin Minh Chau has the purchase price of VND 43.17 million/tael and the sale of VND 43.63 million/tael. Phu Quy ring of Phu Quy Group is priced at 43 million dong/tael and 43.5 million dong/tael respectively.

The free USD price in Hanoi this morning was at VND 23,175 (bought in) and VND 23,200 (sold), an increase of VND 15 compared to yesterday morning. USD price listed at Vietcombank decreased by 5 dong, to 23,120 dong and 23,240 dong.

On the world market, spot gold price in Asia at nearly 11 pm Vietnam time stood at 1,556.8 USD/oz, down 0.2 USD/oz compared to the Wednesday session in New York. During the US session last night, gold prices increased by 9.9 USD/oz, closing at 1,557 USD/oz.

Price of gold and USD freely go up

The current world gold price is equivalent to about VND 43.5 million/tael if converted into a free USD price.

The United States and China signed a phase 1 trade agreement at the White House yesterday (January 15). However, according to some analysts, many investors have not yet worried about the US-China trade war. The content of the agreement was announced outside the forecast, and the US is still imposing tariffs on about US $ 360 billion of Chinese goods.

For this reason, the price of gold did not even decrease but increased after the agreement was signed. US stocks set a new record on Wednesday, but Asian stocks on Thursday morning reacted fairly conservatively, with some markets slightly down.

"Trade concerns remain because tariffs have not been fully lifted," OANDA senior analyst Edwar Moya told CNBC news agency. "This situation will help the gold price is supported in the short term and can rise to 1,580 USD/oz in a few weeks. In the immediate future, gold prices can maintain above 1,540 USD/oz."

As expected, after the first phase agreement has been implemented, the US and China will start the second phase of negotiations - US Treasury Secretary Steven Mnuchin said. This is expected to be a much more difficult negotiating phase than phase 1, as it will address the most troubling issues in US-China economic relations such as technology, cybersecurity, and industrial subsidies...

​>>> What to invest in 2020: Will gold take the throne?

Categories
Banking & Finance

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