Gold price today April 29: USD weakens, gold recovers strongly
Gold price today April 29 recovered quite strongly when the USD temporarily weakened. Investors still rush to buy gold because of inflation concerns…
Gold price today April 29: USD temporarily weakens, gold recovers from the fall
World gold price updated at 8 am this morning (April 29) stood at 1,876.1-1,876.6 USD/oucne, equivalent to this price yesterday morning. Compared with yesterday’s closing price, gold price increased by 3.4 USD, stood at 1,897.6 USD/ounce, because the USD temporarily weakened and investors still rushed to buy gold.
Gold price on the international market recovered after the drop due to the temporary weakening of the USD. The Japanese yen fell to its lowest level in a decade. However, gold is still trading below the threshold of 1,900 USD/ounce. While the Fed’s monetary policy decision next week will continue to weigh on the precious metal, inflation is trying to pull gold prices up.
Gold has plummeted to 2-month lows amid US dollar rally, to new 2-year highs as safe-haven cash flows amid growing geopolitical crisis .
The precious metal continued to fall to its lowest level since the beginning of the year, anchoring around a two-month bottom, as the USD price still increased and reached the highest level since early 2017. The USD has been chosen by many investors as a place of choice. safe haven in the context of world economic and political turmoil makes them quite nervous. Especially, the US Federal Reserve (Fed) is expected to increase interest rates by 50 basis points at its meeting on May 3-4, which will make the USD price go up and make it difficult for the gold market.
The USD index has reached a 5-year high and at one point reached 103.82 – a level not seen since late 2002. A strong dollar makes gold more expensive for buyers in other currencies, there is a record USDX index has risen to 103.382.
The prospect of further US interest rate hikes adds to the relative appeal of the USD against real assets like zero-yielding gold. Yields on 10-year US bonds also rose, and investors are waiting for more clarity on the Fed’s tightening plan next week. Gold is very sensitive to short-term US interest rate increases and high yields, as it increases the opportunity cost of holding non-yielding assets.
Experts say that it is almost certain that the Fed will raise interest rates by 50 percentage points from the current 0.25-0.5% to 0.75-1%.
Domestic gold price: At the end of the trading session on April 28, the domestic gold price of 9999 was listed by SJC and Doji Jewelry Group in the order of buying and selling as follows: SJC Hanoi: 69.25 million VND/tael – 69.97 million VND/tael. Doji Hanoi: 69.25 million VND/tael – 69.90 million VND/tael. SJC HCMC: 69.25 million VND/tael – 69.95 million VND/tael. Doji Ho Chi Minh City: 69.20 million VND/tael – 69.90 million VND/tael.
World gold converted to USD at the bank is priced at 52.9 million dong/tael, excluding taxes and fees, about 17.0 million dong/tael lower than the domestic gold price as of late afternoon session 28/ 4.
at Blogtuan.info – Source: danviet.vn – Read the original article here