Domestic gold prices this morning, January 16, 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 43.05 million VND/tael (up 100,000 VND/tael for buying) and 43.42 million VND/tael (up 100,000 VND/tael for selling) compared to the morning session on January 15.
Doji Hanoi Jewelry Group listed at VND43.15 million/tael (up VND200,000/tael for buying) and VND43.35 million/tael (up VND200,000/tael for selling) compared to the session yesterday morning.
Ho Chi Minh City SJC listed at 43.05 million VND/tael (up 100,000 VND/tael for buying) and 43.40 million VND/tael (up 100,000 VND for selling) compared to the morning session on January 15.
The world gold price today, January 16, was listed at 1,556.7 USD/oz, up 5 USD/oz compared to the previous trading session.
Converted at Vietcombank (23,245 VND/USD), the world gold price is equivalent to about 43.59 million VND/tael, 240,000 VND/tael higher than the selling price of SJC gold.
Gold increased slightly after the early morning of January 16 (Vietnam time), US President Donald Trump and Chinese Vice Prime Minister Liu He signed a first phase of the trade agreement.
The phase 1 agreement has provisions including commitments to purchase, access to financial markets, and protection and enforcement of intellectual property rights.
China has agreed to buy $200 billion in goods from the US within 2 years while Washington has maintained the tariffs imposed on $250 billion in Chinese goods. The terms will take effect 30 days after the date of signing.
In addition, China has pledged to remove barriers to a long list of US exports, including beef, pork, poultry, seafood, milk, rice, baby powdered milk, animal feed and biotechnology, etc.
In response to Beijing's commitments, US negotiators agreed to reduce current tariffs on some Chinese imports and cancel tariffs expected to come into effect in December. tariffs on some of the 360 billion USD goods entering the US will remain unchanged.
The first phase of the trade deal is seen as the first important step towards ending an 18-month trade war between the world's two largest economies.
However, investors are still concerned that the damage caused by the US-China trade war to the world economy could be more serious and last longer than previously expected.
