Gold prices continue to soar
At 8:40 a.m., SJC gold price On the Hanoi market, the Saigon Jewelry Company listed at 69.6-70.3 million VND/tael (buy in – sell out), an increase of 100 thousand VND/tael in the buying afternoon and 50,000 VND/tael. VND/tael in the selling afternoon compared to the end of yesterday session.
Phu Quy Jewelry Company listed SJC gold price at 69.55 – 70.25 million VND/tael (buy in – sell out), unchanged in the buying afternoon and increased by 50,000 VND/tael in the afternoon. sold out compared to yesterday’s close.
DOJI Jewelry Group Joint Stock Company listed the price of SJC gold on the Hanoi market at 69.55 – 70.27 million VND/tael (buying in – selling out), an increase of 50,000 VND/tael in both markets. in the afternoon of buying and selling in the afternoon compared to yesterday’s closing.
On the world market, in the morning session of April 21, spot gold price fell 0.11% to 1,955.4 USD/ounce at 5:52 am (Vietnam time), according to Kitco. Gold price for June delivery also fell 0.11% to $1,958.05.
Previously, gold prices rose in the trading session on April 20 thanks to a weakening dollar, as well as concerns about inflation and slowing growth of the world economy under the influence of the crisis in Ukraine. However, gains were held back by the prospect of a US interest rate hike. At the beginning of the session, the price dropped to the lowest level since April 8 at 1,938.8 USD.
Gold is still in an uptrend
Currently, the world still puts a lot of faith in precious metals in the near future. Commerzbank representative said that gold is still in an uptrend even though U.S. Federal Reserve (Fed) is expected to be more aggressive in tightening monetary policy in the May meeting, with the possibility of a 50 basis point increase.
Money flows from funds are still pouring into gold. This is a supportive factor for this commodity to maintain at a high price level.
John LaForge from Wells Fargo said that investors tend to seek safe havens when the geopolitical situation is unstable and inflation rises in the near future. Bitcoin is an asset that receives great attention but cannot be equal to gold, a long-term and reputable investment channel.
“Gold supply is at a five-year low, which is a bullish sign for the precious metal. Historically, if this were to happen, gold rallies would follow. As of now, I’m not I don’t know if this will happen again, but there’s a good chance it does,” LaForge noted.
At the same time, the expert from Wells Fargo also forecast, the gold price could reach $ 2,100 / ounce by the end of this year.
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