Domestic gold prices this morning, January 17, 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 42.95 million VND/tael (down 100,000 VND/tael for buying) and 43.32 million VND/tael (down 100,000 VND/tael for selling) compared to the morning session on January 16.
Doji Hanoi Jewelry Group listed at 43.10 million VND/tael (down 50,000 VND/tael for buying) and 43.30 million VND/tael (down 50,000 VND/tael for selling) compared to the morning session of January 16.
Ho Chi Minh City SJC listed at 42.95 million VND/tael (down 100,000 VND/tael for buying) and 43.30 million VND/tael (down 100,000 VND/tael for selling) compared to the morning session on January 16.
The world gold price today, January 17, is listed at 1,551 USD/z. The price of gold for March delivery contracts decreased to 1,555 USD/oz.
Converted at USD at Vietcombank (1 USD = 23,245 VND), the world gold price is equivalent to about 43.43 million VND/tael, 130,000 VND/tael higher than the price of SJC gold sold at the present time.
Gold prices immediately reacted after US President Donald Trump and Chinese Vice Prime Minister Liu He signed a first phase of a trade deal.
The phase 1 agreement has provisions including commitments to purchase, access to financial markets, and protection and enforcement of intellectual property rights.
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.
Gold may also fall due to better-than-expected US retail sales, which suggests consumers will continue to keep the economy strong.
The Commerce Department said core retail sales rose 0.7% last month, up from what economists expected to increase by 0.5%. Retail - which has a bigger impact on US GDP - has risen 0.5%, above expectations for a 0.4% increase.
Along with more solid retail sales, lower-than-expected unemployment figures and stronger manufacturing data supported the USD's rally.
Meanwhile, last night, the US Senate approved the US-Mexico-Canada Trade Agreement. Accordingly, Americans will have more jobs and increased income when the Agreement is officially ratified by the three countries. Analysts see the deal as good for the US, and President Donald Trump has fulfilled his promise to voters during his election campaign.
In addition, optimistic US economic data also boosted sentiment on Wall Street. The number of weekly jobless claims fell by 10,000 to 204,000, down from the forecast of 216,000 from economists surveyed by Reuters.
Many experts are concerned that gold is gradually losing its role as a safe haven for cash flow.
