At 08:35 this morning, April 5, according to Vietnam time, the world gold price was at 1,930 USD/ounce, slightly up 6 USD/ounce compared to the same hour this morning.
The conflict between Russia and Ukraine has not undergone much new development, so it hardly affects the precious metals market. Investors are more focused on rising inflation and its impact on markets and the world economy. History shows that rising inflation will be a factor supporting the price of gold.
Gold is very sensitive to rising US central bank interest rates, as this will increase the opportunity cost of holding unprofitable gold.
Investors are looking for signs of discussion that the Federal Reserve will raise interest rates by 50 basis points as announced at its March meeting.
According to RJO Futures, gold needs time to consolidate the correction before the price rises. The market is bouncing upwards in the 1.900-1.925 USD/oz price range. If gold approaches or exceeds the $1,950-1,975 USD/ounce range, it will quickly hit the 2,000 USD/ounce threshold.
If prices rise in the near term, the precious metal may face more profit-taking pressure. Some experts predict that the price of the precious metal may fall further into the $1,880-1,900/ounce range when the Russia-Ukraine conflict has more positive signs in negotiations.
Amid market volatility, April gold bulls still have the overall near-term technical advantage with the aim of bringing gold prices above the strong resistance at 1,967.2 USD/ounce. The gold bears aim is to push futures prices below solid technical support at the March low of $1,888.3 an ounce.
The price of gold rose slightly
In the domestic market, at the opening session this morning, Saigon Jewelry Company recorded the selling price of SJC gold at 68.3-69.02 million VND/tael, unchanged from yesterday’s closing price.
The Gold Doji recorded gold prices at 68.2-68.9 million dong/tael, up 50,000 dong/tael in both directions compared to the last session.
Phu Quy SJC recorded gold prices at 68.2-68.9 million dong/tael, an increase of 50,000 dong/tael sold compared to the previous session.
Source: http://danviet.vn/gia-vang-hom-nay-5-4-lo-lang-ve-lam-phat-khien-vang-tang-gia-50202254…
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