Gold price down slightly | VTV.VN
Open trading day, SJC gold price listed on the Hanoi market by Saigon Jewelry Company Limited at 68.6 – 69.3 million VND/tael (buying in – selling out), keeping the buying direction and decreasing by 20 thousand VND/tael. volume in the selling afternoon compared to yesterday’s closing.
Phu Quy Jewelry Joint Stock Company listed SJC gold price down 200,000 VND/tael in the buying afternoon and 50,000 VND/tael in the selling afternoon compared to yesterday’s closing, at 68.5 – 69.3 million VND/tael (buy in – sell out).
Gold Doji listed gold price at 68.5 – 69.3 million dong/tael, unchanged compared to yesterday.
On the world market, at 8:30 a.m. this morning (Vietnam time), the world gold price stood at $1,924/ounce, a sharp decrease of $27/ounce compared to the same hour last morning.
The price of precious metals plummeted without braking due to pressure from many factors. First, the price of crude oil fell sharply and traded at 103 USD/barrel. The gold market also suffered a great deal when US Treasury yields spiked and the dollar was stronger.
Gold is still an attractive commodity
Gold is still forecast to be an attractive commodity. Illustration.
Although there were quite negative developments, it seems that the decrease in gold price did not reduce the optimism of speculators in the precious metal market. Many people think that this is just one of the usual downward corrections before the short-term uptrend of gold.
Gold is still forecasted to be an attractive commodity in the context of escalating inflation and high geopolitical tensions in many regions of the world.
In many surveys by Kitco, analysts and investors both expect gold prices to increase further in the new week. Many forecasters expect the gold price to soon regain the area of $2,000/ounce.
However, some forecasts also suggest that gold’s rally will be hindered by U.S. Federal Reserve (Fed) is likely to accelerate rate hikes. Citigroup economists forecast that the Fed will raise interest rates by 50 percentage points each time in the next 4 meetings.
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