Domestic gold prices today, October 13, are being traded at the following level:
Opening this morning's trading session, the gold price at 9:00 a.m. was listed by SJC Hanoi at 41.50 million VND/tael (down 100,000 VND/tael for buying) and 41.82 million VND/tael (down 100,000 VND/tael for selling) compared to yesterday morning's session.
SJC Da Nang listed at 41.50 million VND/tael (down 100,000 VND for buying) and 41.82 million VND/tael (down 100,000 VND for selling) compared to the previous morning session.
Ho Chi Minh City SJC listed at 41.50 million VND/tael (down 100,000 VND/tael for buying) and 41.80 million VND/tael (down 100,000 VND/tael for selling) compared to the morning session on October 12.
The world gold price today, October 13, immediately stood at 1.485.730 USD/oz for buying and 1.486.110 USD/oz for selling.
Meanwhile, the world gold price for delivery in December 2019 was recorded on the New York market comex market Mercantile Exchanghe at 1,493.5 USD/ounce.
Last week, world gold prices were strongly affected by information surrounding the new trade talks between the US and China starting from October 10.
Specifically, the world's two largest economies have reached a ceasefire agreement with the Trump administration suspending a $250 billion tax increase on Chinese imports, expected to take effect on October 15. In return, China agreed to buy 40-50 billion USD of US agricultural products.
Alexander Daco, an economist at Oxford Economics, estimates that the trade war will reduce US growth by about 0.6% by 2020. The deal could take that cut to 0.5%.
So far, the two sides have reached "nearly a complete agreement" on two issues of financial and monetary services, US Treasury Secretary Steven Mnuchin said.
China has agreed to be more transparent about how it prices the yuan. They also agreed to open the market to US banks and other financial service providers.
The excitement of investors has strongly attracted cash flow away from gold and shifted to other investment channels.
Meanwhile, the US stock market has recovered strongly due to the possibility of the FED cutting interest rates soon to support the economy that is also shifting investor capital from gold.
