Gold price increased by more than one million dong per tael

Closing today’s session (April 18), SJC gold price in Hanoi and Ho Chi Minh City closed today’s session at 70.35 million – 71 million dong/tael (buy in – sell out), an increase of 950,000 dong/tael in the buying side and 1.35 million dong/tael in the selling side compared to the end of last week.

Similarly, at Bao Tin Minh Chau, SJC gold price closed today’s session at 70.16 million – 70.98 million dong/tael.

On the world market, on the afternoon of April 18, the Asian gold price rose to its highest level since mid-March 2022, amid uncertainty over the Russia-Ukraine conflict.

Spot gold rose 0.8 percent to $1,989.65 an ounce at 2:23 p.m. Vietnam time, touching its highest level since March 11. US gold futures also rose 0.9 percent to $1,993.40 per ounce.

Gold is considered a safe haven in times of economic and political crisis. Currency strategist Ilya Spivak of the financial site DailyFX (USA) said that gold could test the $2,000/ounce mark, or even $2,100/ounce.

According to technical analyst Wang Tao of Reuters news agency (UK), spot gold could rally between $1,998 an ounce and $2,012 an ounce, as it has broken through resistance at $1,984 an ounce. .

Investors are looking to gold as a haven when the Russia-Ukraine tension worsens. On Sunday, Ukrainian troops resisted Russia’s ultimatum to lay down their arms at the port of Mariupol, which Moscow claims the army has almost completely taken.

Today’s market movements are also in line with the results of the most recent survey of Kitco when most investors are predicting gold price this week will go up.

According to a Kitco survey of 13 Wall Street analysts, nearly half predict gold prices will go up this week. 31% think the price is falling and the rest are neutral.

With an online survey of 1,254 individual investors, up to 72% chose the price of gold to increase. Only 16% of investors predicted negative developments for the gold market. This week also recorded the most individual investors participating in Kitco’s survey since November 19.

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