Worried about the US interest rate hike, gold prices are lurking around
Domestic gold price
Open the market on April 25, SJC’s gold price of 9999 today in Hanoi decreased by 300 thousand dong in the buying afternoon and 400 thousand dong in the selling afternoon compared to the end of the last session of the week. Specifically, at 9:30 am on April 25, 9999 gold was traded by Doji Jewelry Group and SJC as follows:
| Buy into | Sold out | |
| SJC Hanoi | 69.3 million VND/tael | 70.02 million VND/tael |
| SJC HCMC | 69.3 million VND/tael | 70 million VND/tael |
| Doji Hanoi | 69.2 million VND/tael | 70 million VND/tael |
| Doji Ho Chi Minh City | 69.5 million VND/tael | 70.1 million VND/tael |
SJC and DOJI gold price list updated at 9:30 am on April 25
At the end of yesterday’s trading session, the price of 9999 gold bars at SJC and Doji listed as follows:
SJC Hanoi: 69.6 million dong/tael (buy in) – 70.42 million dong/tael (sold out)
SJC HCMC: 69.9 million dong/tael (buy in) – 70.4 million dong/tael (sold out)
Doji Hanoi: 69.6 million dong/tael (buy in) – 70.4 million dong/tael (sold out)
Doji Ho Chi Minh City: 69.65 million dong/tael (buy in) – 70.35 million dong/tael (sold out)
International gold price
On the world gold market, spot gold price in the US closed down 5.8 USD/ounce to 1,951.9 USD/ounce. Gold futures for delivery in June 2022 on the Comex New York exchange fell $7.4 to $1,948.2 per ounce.
Federal Reserve Chairman Jerome Powell confirmed that the US central bank could raise interest rates by 50 basis points and possibly do so at its meeting next month. He said that curbing inflation is “absolutely necessary” and the Fed is likely to raise interest rates by 0.5% in May, double the standard rate of 0.25%.
U.S. inflation-adjusted Treasury yields turned positive for the first time in two years on April 20, while the dollar is trading near its highest level since July 2020. Bullion becomes more expensive for foreign investors.
The European Central Bank (ECB) could raise its policy rate above zero before year-end unless the euro zone economy suffers a severe shock and may even have to implement restrictive policy to Control price spikes.
The global economic outlook remains bleak as the strong post-pandemic recovery is tempered by war in Ukraine and China’s fight against Covid-19.
Gold price forecast
According to Kitco News’ Wall Street survey, 39% expect gold prices to rise next week, 33% expect the precious metal to fall, and 28% expect the market to move sideways.
As for Main Street’s online survey with nearly 650 retail investors participating in the survey, 56% forecast gold will increase in price next week. 26% expect gold to end the week lower and 18% see the market unchanged.
According to Adrian Day, president of Adrian Asset Management, gold prices may continue to be under selling pressure as investors react to the Fed’s plan to tighten monetary policy. This is also a good time to buy.
Jim Wycoff, senior analyst at Kitco, said that safe-haven gold is in need of a new fundamental that could raise investor concerns, and that’s not happening. The dull sideways movement we are seeing has led to some selling based on technical charts.
Told him
at Blogtuan.info – Source: vietnamnet.vn – Read the original article here
