Gold prices are “sustaining” while waiting for a series of important US economic data


Gold prices are “sustaining” while waiting for a series of important US economic data

In the coming sessions, the focus of investors’ attention in the international gold market will be US economic reports…

Illustration photo – Photo: Bloomberg.

World gold prices fluctuate between increases and decreases while investors wait for important US economic reports this week. The domestic gold bar price this morning (January 24) increased to over 76.5 million VND/tael, a higher difference than the converted world gold price of over 16 million VND/tael.

At 10:00 a.m. today, Phu Quy Group listed the price of SJC gold bars in the Hanoi market at 74.2 million VND/tael (buying) and 76.6 million VND/tael (selling). Compared to the same time yesterday morning, the price of SJC gold bars at this enterprise currently increased by 400,000 VND/tael.

The price of 999.9 plain round gold ring of Phu Quy brand is 63.8 million VND/tael and 64.9 million VND/tael, corresponding to the buying and selling price, an increase of 100,000 VND/tael and 200,000 VND/tael compared to yesterday morning. .

In the Ho Chi Minh City market, SJC Company quoted the price of gold bars of the same brand at 74.2 million VND/tael and 76.7 million VND/tael, an increase of 400,000 VND/tael at each price end.

At the same time, the spot price of gold in the Asian market stood at 2,024.7 USD/oz, down 5.2 USD/oz compared to Tuesday’s closing session in the US, equivalent to a decrease of nearly 0.3%. . This price is equivalent to about 60.35 million VND/tael if converted according to the USD selling exchange rate at Vietcombank.

Compared to yesterday morning, the converted world gold price has now increased by 150,000 VND/tael. Compared to the converted world gold price, the retail price of SJC gold bars is about 16.3-16.4 million VND/tael higher, while the price of gold rings is 4.5-4.6 million VND/tael higher.

Last night’s New York session, spot gold price closed at 2,029.9 USD/oz, up 7.7 USD/oz compared to the previous session’s close, equivalent to an increase of nearly 0.4%.

“Gold prices are maintaining the 2,000 USD/oz mark and the market seems to be in a neutral state, because after every attempt to rise higher, the price immediately turns down. There is still too much uncertainty for gold prices related to the US economic issue,” strategist Daniel Pavilonis of RJO Futures commented to Reuters news agency.

In the coming sessions, the focus of investors’ attention on the international gold market will be US economic reports, including the purchasing managers’ index (PMI) released on Wednesday, gross domestic product data. domestic product (GDP) on Thursday, and the personal consumption expenditures price index (PCE) – the Federal Reserve’s favored inflation measure – on Friday.

These figures attract special attention from investors because recently, stronger-than-expected US economic data has caused the market to reduce expectations about the possibility that the Fed will soon start cutting interest rates. . According to a Reuters survey, experts think the Fed may wait until June to start cutting interest rates.

World gold price developments in the past year. Unit: USD/oz.

Regarding the upcoming Fed meeting, scheduled to take place on January 30-31, the market believes that the central bank will keep interest rates unchanged at 5.25-5.5%, the highest in 22 years. .

According to CMC Markets analyst Michael Hewson, gold price recoveries seem to be getting weaker, posing the possibility of prices continuing to weaken if the Fed pushes back market expectations regarding a reduction. interest rate.

The recent upward trend in US Treasury bond yields and the USD exchange rate is also not beneficial for gold prices, although this metal price continues to be supported by geopolitical tensions in the Middle East.

The 10-year US Treasury bond yield continued to increase above the 4.1% threshold, reaching 4.14% at the close of Tuesday’s session.

The Dollar Index, which measures the strength of the USD against six other major currencies, closed Tuesday’s session above 103.6 points, from 103.3 points in the previous session.

Domestically this morning, Vietcombank quoted USD prices at 24,370 VND (buy) and 24,740 VND (sell), an increase of 20 VND at each price compared to yesterday morning.

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