Will gold price exceed 70 million dong/tael next week?

At 9 am this morning (April 16), at the Hanoi market, gold trading SJC pieces were at 69.15 – 69.82 million dong/tael, up 50,000 dong/tael in the buying afternoon and 100,000 dong/tael in selling in comparison to the 15/4 session. In Ho Chi Minh City, the buying price is equivalent to the Hanoi market, but the selling price is 20,000 VND cheaper. The difference between buying and selling fluctuates from 650,000 to 670,000 VND/tael.

Meanwhile, in the early morning of April 16 (Vietnam time), the spot gold price on Kitco was $1,974/ounce, equivalent to VND 54.57 million/tael, down from the late afternoon of April 15. Converted at the free USD exchange rate excluding taxes and fees, world gold is 15.15 million dong/tael cheaper than domestic gold.

According to some experts of Kitco, gold is in an uptrend when world inflation is high in the context of the conflict between Russia and Ukraine showing no signs of cooling down. A Kitco survey showed that 13 analysts from Wall Street are optimistic about gold prices in the near future, of which, 46% believe the price of precious metal will increase, 31% expect the price to decrease and 23% are neutral.

According to forecast, gold is still trending up and towards the important resistance level of 2,000 USD/ounce. This item is strongly supported at the level of 1,915 USD/ounce. In the immediate future, gold needs to break through the previous session’s peak of $1,984.8 per ounce.

The US warned that the Russia-Ukraine conflict will be prolonged and more intense. This is a supportive factor for the gold price to go up even though the USD appreciates according to the monetary tightening signals of the US Federal Reserve (FED).

The US bank Goldman Sachs has also forecasted that the gold price will surpass the threshold of $ 2,500 per ounce this year.

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