The main reasons are the cooling of tensions between the US and North Korea, the increase in the USD index, the recovery of world stocks and better-than-expected US economic data. All of these factors have made gold less attractive to investors.
Opening this morning's trading session (8.16), DOJI Group listed the price of SJC gold at 36.22 - 36.30 million VND/tael (buy - sell), down 70 thousand VND in both directions compared to the same time in the previous trading session yesterday.
SJC gold price at Bao Tin Minh Chau was listed at 36 36.26 - 36.32 million VND/tael, down 40 thousand VND in both directions compared to the same trading session yesterday. Price of plain round gold rings Dragon Thang Long gold is traded at: 34.72 - 35.17 million VND/tael (buy - sell).
At Phu Nhuan Jewelry Joint Stock Company (PNJ), the price of SJC gold bars was listed at 36.20 - 36.38 million VND/tael (buy - sell), down 70 thousand VND in both directions compared to the same trading session yesterday.
The world gold price is currently listed at 1272.90 - 1273.90 USD/ounce.
December gold futures fell $11.70 an ounce to $1278.70 an ounce. Kitco experts continue to predict that the price of 9999 gold will reach300 USD/ounce in the near future.
Stock markets around the world all increased slightly in yesterday's trading session after tensions between the US and North Korea showed signs of easing. North Korean officials said President Kim Jong Un has decided not to launch missiles to Guam. The secretary of the US Secretary of Defense and some officials of the Trump administration said that the US is trying to achieve denuclearization of North Korea through diplomacy.
However, according to Kitco experts, we cannot be subjective about the issue of the US with North Korea. Stress can flare up again at any time.
According to Kitco experts, this is an opportunity for large investors to participate.
Another factor affecting gold prices is the data in the July retail report released on Tuesday with revenue increasing more strongly than expected to increase by 0.6%. Stronger retail has pushed gold prices down to a daily low.
The US dollar index increased sharply on Tuesday (15.8), after announcing good profits on Monday (August 14). A stronger greenback this week is a negative for precious metals markets.
On the foreign exchange market, the central exchange rate announced by the State Bank on the morning of August 16 was 22,450 VND/USD, up 6 VND compared to the previous session. Vietcombank's USD exchange rate today is listed at 22690 - 22760 VND/USD (buy - sell), unchanged in both directions compared to the previous trading session.
