USD rises sharply, gold recovers slightly from the fall

Domestic gold price

Open the market on April 29, SJC’s gold price of 9999 today in Hanoi increased by 250,000 dong in the buying and selling afternoon compared to the end of yesterday’s session. Specifically, at 9:40 am on April 29, 9999 gold was traded by Doji Jewelry Group and SJC as follows:

Gold price list SJC and DOJI updated at 9:40 am on April 29

End of trading session April 28, domestic gold price 9999 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

International gold price

On the night of April 28 (Vietnam time), the world spot gold price stood around the threshold of 1,889 USD/ounce. Gold for June delivery on the Comex New York exchange was at $1,891 an ounce.

The world gold price on the night of April 28 decreased by about 0.4% (7 USD/ounce) compared to the beginning of 2021. World gold converted to USD bank price is 52.9 million VND/tael, excluding tax and fee, about 17.0 million dong/tael lower than the domestic gold price by the end of the afternoon session on April 28.

Gold price in the international market recovered slightly after a drop due to the strong increase of the USD against other currencies. The Japanese yen fell to its lowest level in a decade.

Gold fell sharply to a 2-month low as the dollar continued to strengthen, reaching a new two-year high as it became a safe-haven for money flow amid the growing geopolitical crisis.

The greenback rose on the eve of the US Federal Reserve’s (Fed) policy meeting, which is likely to raise interest rates by 50 percentage points.

Gold also fell due to pressure from higher Treasury yields.

Strong volatility in the markets finance It is valuable that the supportive information for gold puts pressure on precious metals because many organizations and individuals sell gold to cover losses for investment activities on other channels.

Gold also fell due to selling pressure according to technical analysis after this item continuously fell and broke important support levels.

Gold price forecast

Although falling due to many unfavorable factors appearing at the same time, gold still has a large demand in the context of high inflation.

According to the World Gold Council (WGC), global gold demand increased by 34% in the first quarter. Gold remains a safe reserve asset for investors amid many geopolitical fluctuations. Central banks of many countries boosted gold purchases in the first quarter.

However, the purchasing power of retail gold bars and gold jewelry decreased due to the impact of the prolonged blockade in China.

V. Minh