Gold rings are 10 million dong cheaper than pieces

On the morning of May 13, the price of gold bars at Saigon Jewelry Company - SJC decreased by 50,000 VND in buying compared to yesterday morning, down to 66.55 million VND, but increased by 50,000 VND in selling, up to 67.25 million VND. In contrast, the price of 4-digit 9 gold rings remained at 56.35 million VND in buying and 57.35 million VND in selling. Currently, SJC gold rings are nearly 10 million VND cheaper than bars. This difference is lower than the 13-14 million VND level at the end of 2022.

World gold prices continued to decline. At the beginning of the day, the precious metal hovered around 2,011.5 USD/ounce, down nearly 6 USD compared to yesterday morning.

SJC gold price on the morning of May 13 still increased in the selling direction

Following a weak April Consumer Price Index (CPI) reading, US wholesale price data released on May 11 was also lower than expected. This continues to show that inflation in the world's largest economy has eased.

Import prices rose 0.4% in April from March, the U.S. Bureau of Labor Statistics said yesterday, marking the first increase since early 2023 and slightly higher than the 0.3% increase forecast by economists polled by Dow Jones.

Meanwhile, the University of Michigan's preliminary index of consumer sentiment for May fell to a six-month low of 57.7, well below the Dow Jones poll's forecast of 63. The survey also showed inflation expectations over the next five years rising to 3.2 percent, the highest since June 2008.

However, the inflation news has not reassured investors because the conflict over the US debt ceiling has not yet come to an end. CNBC reported that the debt ceiling meeting between US President Joe Biden and congressional leaders scheduled to take place yesterday (May 12) has been postponed to next week.

Amid all that worry, the US dollar rose to a one-month high and posted its strongest weekly gain since February 2023, which is the main reason why gold has become less attractive to buyers. But according to Bob Haberkorn, senior market strategist at RJO Futures, the US dollar's rise is limited by the debt ceiling issues we'll be experiencing in the coming weeks, and gold will benefit if that lasts...

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