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On the morning of 5.9, the price of domestic gold fell slightly when the world did not change. Specifically, Saigon Jewelry Company (SJC) quoted the price of gold bar at 55.75 – 56.7 million dong / tael, 100,000 dong / tael less compared to the end of the previous day. In particular, the Doji store system in Hanoi kept the gold bar trading price from 55.9 to 56.7 million VND / tael …
The price of gold on the world market at the beginning of the 5.9 day moved sideways to $ 1,935.3 / ounce. Converted at the current exchange rate, international gold equals 54.3 million VND / tael (excluding taxes and fees). Therefore, the national gold is still 2.4 million dong / tael higher than the world gold.
In particular, the gold contract for December delivery has returned to $ 3.50 at the end of the session at 4.9 (early morning at 5.9 Vietnam time), equivalent to 0.2% at $ 1,934.30 / ounce. In total during the past week, the contract fell 2.1%. According to MarketWatch, falling gold prices due to better monthly US labor data than anticipated helped the dollar to rise sharply. The US economy created almost 1.4 million jobs in August and the unemployment rate fell suddenly from 10.2% to 8.4%, marking 4 consecutive months of decline.
At the same time, precious metals are declining as investors lower expectations for stocks against the backdrop of a more chaotic financial market forecast. US stocks have eliminated the bullish momentum from last week as they continued to decline in the last session of week 4.9. This can cause some investors to sell other assets, including gold, to cover losses when stocks decline.
Expert Tai Wong, head of metal derivatives at brokerage BMO, told Reuters that gold’s correlation with the dollar has improved, especially in recent weeks when bullion is suffering. Weighed down by the rebound of the dollar after the unemployment report. Gold failed to break above $ 2,000 / ounce as previously expected and this week’s slide has caused a sharp pullback for platinum. This expert said that gold prices may fluctuate in the range of $ 1,900 to $ 2,000 / ounce this year.
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