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The national and world gold markets ended a quiet trading week. The world price of gold was the one that fell the most in the last 6 weeks.
Domestic gold prices
The domestic gold market last week was less volatile, the price of gold traded around VND 56 million / tael. At the opening of the first session on September 21, the domestic gold price was listed by Doji Jewelry Group at 56.12 million / tael (bought) and 56.47 million dong / tael (sold). .
Saigon Jewelry Company quoted the price of SJC gold at 56.07 million dong / tael (purchased) and 56.52 million dong / tael (sold) in Hanoi. SJC gold price in Ho Chi Minh City, the afternoon sale is 56.50 million / tael.
The price of gold does not have much adjustment in the next sessions. On September 23, Doji Jewelry Group quoted the national gold price for the Hanoi area: 55.70 million VND / tael (bought) and 56.10 million VND / tael (sold). ), 50 thousand dong on the buy side and 150,000 dong on the sell side compared to the end of the previous session.
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| Gold price chart last week |
Saigon Jewelry Company quoted the SJC gold price applicable to the Hanoi area at 55.70 million VND / tael (purchased) and 56.17 million VND / tael (sold), unchanged in both Bidirectional buying and selling was compared to the end of the meeting 22/9.
On September 25, Doji Jewelry Group quoted the national gold price for the Hanoi area: 54.65 million dong / tael (bought) and 55.10 million dong / tael (sold). ), increased by 250 thousand dong on the buy side and by 200 thousand dong on the sale compared to the close of the previous session.
Saigon Jewelry Company quoted the SJC gold price applicable to the Hanoi area at 54.70 million dong / tael (purchased) and 55.22 million dong / tael (sold), up to 250 thousand dong. on the buy side and up to 200,000 dong in sales compared to the end of the 9/24 session.
At the close of the weekend session on September 26, the domestic gold price was listed by the Doji Jewelry Group at: 54.75 million dong / tael (bought) and 55.45 million dong / tael (sold). increased by 10 thousand in the afternoon of sale compared to yesterday.
Saigon Jewelry Company quoted the price of SJC gold at 55.15 million dong / tael (purchased) and 55.67 million dong / tael (sold) in Hanoi. The SJC gold price in Ho Chi Minh City, the afternoon sale price is 55.65 million dong / tael.
World price of gold
The main trend for gold prices this week is down with four sessions down and only one session up. Concerns about the fate of the US stimulus package are the main factors “overshadowing” market sentiment.
On the global gold market, the spot price of gold at the end of the session in the US decreased by $ 7.4 to $ 1,861.2 / ounce. Gold futures for October delivery on the Comex New York floor fell $ 13.4 to $ 1,855.5 / ounce.
The price of gold declined due to profit-taking pressure after the previous good profit. Also, the factor that strongly influenced the price of gold recently is the rally in the US dollar, which also put pressure on the recovery of gold.
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| Gold prices are less volatile |
Observers say that although gold prices are falling, investors are still paying close attention to the precious metal thanks to a variety of factors, such as trade tensions between the United States and China or the stagnation of the package. New stimulus in Washington.
Fed Vice Chairman Richard Clarida said on 9/23 that the US central bank would not consider raising interest rates from near 0% until inflation reaches its 2% target. .
This is a sign that the US economy is still quite tough and it takes time to escape the recession caused by the Covid-19 pandemic. During its policy meeting last week, the Fed kept its key rates at an all-time low of nearly 0% and expressed its intention to maintain this policy until at least 2023.
Gold has been under heavy pressure to decline since the beginning of the week as the number of Covid-19 infections has risen rapidly in Europe and America. Investors shifted cash flow and sought safety in the USD. The dollar continued to rise in value, bringing this week’s total gain to 1.3%.
Gold price forecast
Credit Suisse recently said that gold is in a tightening phase and could fall to the support level of $ 1,714 / ounce before bouncing above $ 2,000 / ounce in a long-term uptrend.
Citigroup said gold could hit a record before the end of 2020 due to uncertainties surrounding the US election.
According to Bart Melek, chief commodities strategist at TD Securities, the Fed’s decision will be a supportive factor for gold prices. Market analysts also predict that the precious metal has bullish prospects in the medium term due to concerns about the US elections.
Dong Son
