Gold price goes sideways, waiting for new “wave”?

Time: 8:36 am, at Phu Quy Jewelry Company, SJC gold price unchanged from the buying afternoon and increased by 50 thousand dong/tael in the selling afternoon compared to yesterday’s closing, listed at 68.2 – 68.9 million dong/tael (buy in – sell out).

SJC gold price in Hanoi market was listed by Saigon Jewelry Company at 68.3 – 69.02 million VND/tael (buy in – sell out), unchanged compared to the end of yesterday session.

DOJI Jewelry Group Joint Stock Company listed the price of SJC gold on the Hanoi market at 68.15 – 68.85 million VND/tael (buy in – sell out), unchanged compared to the end of the session today. via.

On the world market, in the morning session of April 5, spot gold price fell 0.02% to $1,932.7 an ounce at 6:25 a.m. (Vietnam time), according to Kitco. Gold price for April delivery also fell 0.04% to $1,933.3 per ounce.

Previously, gold prices rose in the session on April 4 as investors sought safe havens in the context of the prospect of Western countries imposing more sanctions on Russia and the possibility of further inflation. continue to increase. However, the rally was restrained by a strong dollar and high bond yields.

Gold price forecast

According to RJO Futures, gold needs a period of time to consolidate correction before rising in price. The market is bouncing up at the price range of 1,900 – 1,925 USD/ounce. If gold approaches or exceeds the range of $1,950 -1,975 USD/ounce, it will quickly reach the threshold of 2,000 USD/ounce.

If prices increase in the near term, precious metals may face more profit-taking pressure. Some experts predict that the precious metal’s price may fall further to the range of 1,880 – 1,900 USD/ounce. A stronger dollar also makes gold less attractive to holders of other currencies.

However, analysts believe that gold will return to the bull race when the relationship between Russia – Ukraine increasingly escalates. Present, war in Ukraine has entered its 40th day.

According to ANZ Bank (Australia), the first quarter of 2022 is the best growth quarter for gold in the last two years. Even, gold may increase in price “shockingly” in the following months when the geopolitical situation remains unstable.

“Gold is seen as a safe haven because it retains value during war unlike currencies, which are vulnerable when war breaks out or policy impacts,” said Daniel Hynes from ANZ. .

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