Gold reverses

• July 29, 2016 06:45

On July 28, influenced by the world gold price, domestic gold price turned to increase sharply because the US Federal Reserve (FED) decided not to increase interest rates immediately but fluctuated in a low price range.

Illustration photo.

Specifically: The world gold price on the morning of July 28 increased to 1,337.47 USD/ounce, equivalent to 35.98 million VND/tael. This increase has caused the domestic gold price to increase sharply.


Compared to the closing price of the trading session on the afternoon of July 27, SJC gold price was traded at 36.38 - 36.66 million VND/tael (buy-sell), an increase of 110,000 VND/tael.

The price of Thang Long Dragon gold increased by 320,000 VND/tael, to 35.58 - 36.63 million VND/tael (buy-sell). According to equivalent conversion, the domestic gold price is currently about 680,000 VND/tael higher than the world price.

Bao Tin-Minh Chau representative said: Because gold prices are still fluctuating within a narrow range, it is a favorable time for investors and people to buy gold at low prices to take profits.

In the Southern and Central markets this morning, the SJC gold price was listed by Saigon Jewelry Company at 36.38 - 36.64 million VND/tael (buy - sell), the gold price increased by 120,000 VND/tael for buying and increased by 110,000 VND/tael for selling compared to the closing price of yesterday's trading session (July 27).

At the same time, the price of SJC gold was listed by SJC Da Nang Jewelry Company at 36.38 - 36.66 million VND/tael (buy - sell), the gold price increased by 120,000 VND/tael for buying and increased by 110,000 VND/tael for selling compared to the closing price of yesterday's trading session.

The world gold price increased this morning because the FED decided not to raise interest rates immediately and this information immediately pushed the price of precious metals up more than ten dollars. Gold prices are especially sensitive to information about US interest rate hikes, which can increase the cost of holding non-yielding assets like gold while helping the dollar appreciate.

Economists still expect a rate hike in December 2016. If the Fed starts to trigger this now, gold prices could be supported. The risks are currently on the downside.

Since the Brexit event broke out, the international gold price has continuously conquered new milestones. In addition, the FED's delay in raising interest rates has also helped this precious metal have a sublime month when it jumped more than 100 USD per ounce.

According to news

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