Gold price next week: Will there continue to be strong momentum?

April 9, price Gold Bar SJC suddenly increased by half a million dong/tael, to 69.47 million dong/tael at the end of the trading week.

At the Hanoi market, at the end of the week, the price of SJC gold was listed by Saigon Jewelry Company Limited at 68.65 – 69.47 million VND/tael (buy in – sell out). With this increase, the domestic gold price last week was adjusted to increase by 500 thousand dong/tael.

In the world gold market, spot gold price in the US increased by 5.9 USD/ounce to 1,931.2 USD/ounce. According to many experts, the uptrend of gold price next week is still unclear when gold’s role as a hedge against inflation can increase the price of this precious metal. However, market analysts said that a strong dollar will also put pressure on the prices of commodities priced in this currency.

Gold is forecasted to continue in an uptrend in the context that countries will increase their gold reserves to hedge against risks. Japan, China and the UK currently have low gold reserves will launch money to buy gold.

Meanwhile, analyst at the gold market site Kitco.com Jim Wyckoff said that there are still big concerns about the Russia-Ukraine conflict, the Fed’s push to raise interest rates and rising global inflation.

Inflation and rising interest rates will be the factors that have the strongest influence on gold prices in the second quarter of this year. According to technical analysis, gold price is still in a short, medium and long-term bullish channel.

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