Hanoi [Vietnam], February 12: Domestic gold prices remained unchanged despite a continued upward trend in the global market after a day of decline.
This morning (February 12th), domestic gold prices remained unchanged. Each tael of gold at Saigon Jewelry Company (SJC) continued to be bought at 178 million VND and sold at 181 million VND. Similarly, the price of 9999 gold rings at SJC also remained unchanged, still being bought at 177.5 million VND and sold at 180.5 million VND; Phu Nhuan Jewelry Company (PNJ) bought at 177.5 million VND and sold at 180.5 million VND; Doji Group also bought at 177.5 million VND and sold at 180.5 million VND...
World gold prices continued their upward trend, reaching $5,057.5 per ounce, $12 higher than yesterday. The recently released US jobs report for January showed the unemployment rate falling to 4.3%. This indicates a stable labor market, potentially creating room for the Federal Reserve (Fed) to keep interest rates unchanged while continuing to monitor inflation. Previously, data released on February 10th showed US retail sales unexpectedly flat in December, which could lead to slower consumer spending and economic growth in the new year.
According to a Reuters survey, the Fed is likely to keep interest rates unchanged until the end of Chairman Jerome Powell's term in May, then cut them as early as June. Economists also warn that policy under potential successor Kevin Warsh could become too accommodative.
Tai Wong, an independent metals trader, commented on CNBC that the single jobs report will not alter the long-term, fundamental buying sentiment for gold. Since the sharp decline, gold has primarily formed higher highs and higher lows, with buyers remaining confident amid the debt narrative and the trend of capital outflows from the US. Meanwhile, some analysts believe a weaker US dollar will continue to support gold prices, while emphasizing that geopolitical tensions and expectations of lower interest rates continue to support market sentiment, particularly the crucial $5,000/ounce mark...
Source: Thanh Nien Newspaper
