Gold price update on the morning of August 16: Domestic gold prices fell across the board

SJC gold bar price

As of 6:00 a.m., DOJI Group listed the price of SJC gold bars at 123.5-124.5 million VND/tael (buy in - sell out), keeping the same for buying and down 200,000 VND/tael for selling. The difference between buying and selling prices is at 1 million VND/tael.

Meanwhile, Bao Tin Minh Chau listed the price of SJC gold bars at 123.5-124.5 million VND/tael (buy - sell), down 200,000 VND/tael for both buying and selling. The difference between buying and selling prices is at 1 million VND/tael.

Phu Quy Jewelry Group listed the price of SJC gold bars at 122.7-124.5 million VND/tael (buy - sell), keeping the same for buying and down 200,000 VND/tael for selling. The difference between buying and selling prices is at 1.8 million VND/tael.

9999 gold ring price

As of 6:00 a.m., DOJI Group listed the price of gold rings at 116.5-111.5 million VND/tael (buy - sell), down 300,000 VND/tael for both buying and selling. The difference between buying and selling is 3 million VND/tael.

Bao Tin Minh Chau listed the price of gold rings at 116.8 - 119.8 million VND/tael (buy - sell), down 200,000 VND/tael in both directions. The difference between buying and selling is 3 million VND/tael.

Phu Quy Gold and Stone Group listed the price of gold rings at 116.5-111.5 million VND/tael (buy in - sell out), down 200,000 VND/tael in both directions. The difference between buying and selling is 3 million VND/tael.

Currently, the difference between buying and selling gold rings is at a very high level, around 3 million VND/tael, posing a potential risk of loss for investors.

World gold price

The world gold price was listed at 7:44 at 3,334.1 USD/ounce, down 2.1 USD.

Gold price forecast

World gold prices are struggling as investors wait for the release of the US's important economic report.

The focus of the day was the US retail sales report for July, expected to increase by 0.5% compared to the previous month, lower than the increase of 0.6% in the June report.

The US producer price index (PPI) report for July released on Thursday morning was higher than expected, but only caused market expectations of the US Federal Reserve (FED) cutting interest rates in September to decline slightly.

Core PPI (excluding food and energy) increased 3.7% over the same period, much higher than expected. Although the hot PPI data did not cause the market to stir and expectations of a Fed rate cut in September remained high, the possibility of a Fed cut by 50 basis points was almost ruled out.

The Asian and European stock markets last night fluctuated in different directions. US stock indexes are expected to open for differentiation in the New York session, after hitting a record level for the week and currently showing signs of a temporary break and a slight profit-taking.

December gold futures rose $4.9 to $3,388.2 an ounce.

In other developments, data released on Friday morning showed that China's economy slowed down in July. Factory, investment and retail activities are all disappointing, according to the General Statistics Office of China. Industrial production rose just 5.7% year-on-year, lower than forecasts and also the weakest increase since November last year, compared to 6.8% in June.

July retail sales rose 3.7% year-on-year, the lowest of the year and down from June's 4.8%. fixed asset investment in the first 7 months of the year increased by only 1.6%, reflecting the prolonged weakness in the real estate sector. The urban unemployment rate increased to 5.2%, higher than expected.

The foreign currency remains stable after a series of negative data. The Hang Seng China Enterprises index sometimes decreased by 1.5%, while the domestic CSI 300 index increased by 0.5% in the morning session.

On the same day, President Donald Trump and President Vladimir Putin had a summit in Alaska.

Technically, December gold futures still have a clear advantage in the short term. The next target for buyers is to close above the solid resistance level of 3,500 USD/ounce. Meanwhile, the sellers are aiming to push prices below the strong technical support level at the bottom of July at 3,319.2 USDounce.

The first resistance level at Thursday's peak was $3,423.8/ounce, then $3,450/ounce. The first support was $3,375/ounce, followed by $3,350/ounce.

In the outside market, the USD index continues to weaken, crude oil prices fluctuate around 63.50 USD/barrel, while the yield on the 10-year US government bond is currently at 4.27%.