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Intellectual people
Information about a fourth vaccine to prevent Covid-19 from being highly effective in the trial caused the world price of gold to fall for the fourth time in a row. Consequently, the price of SJC gold also decreased by 150,000 VND / tael.
In this afternoon session on November 17, the SJC gold price in Hanoi through the listing of a number of large gold companies was trading at VND 55.88 million / tael (bought) – VND 56.25 million / tael (sold out) for a retail transaction and 55.89 million VND / tael – 56.24 million VND / tael for the wholesale transaction.
These prices decreased by VND 70,000 / tael one way and VND 150,000 / tael compared to yesterday’s closing session.
At HCMC, the listed price for SJC gold is 55.75 million dong / tael – 56.25 million dong / tael, 150,000 dong / tael each way.
In the world, the spot price of gold through Kitco.com listings currently has a spread of $ 2.2 USD, trading at $ 1,886.4 / ounce.
Gold prices reversed and decreased, “jumping” at this time is not easy (illustration)
The world price of gold fell for the fourth time in a row for about 2 weeks against the background that investors received information about the fourth vaccine to prevent Covid-19 with high efficiency in the trial.
Moderna Pharmaceutical Company of America tested the Covid-19 vaccine with more than 30,000 volunteers with an efficiency of nearly 95%.
Previously, pharmaceutical companies Pfizer (USA) and BioNTech (Europe) announced that the vaccine was more than 90% effective in the third phase of human testing. Russia also announced that the vaccine was 93% effective in the testing phase and Shanghai Fosun Pharmaceutical said it had received Chinese approval to test the vaccine.
According to data from Johns Hopkins University, the world has so far registered more than 54 million cases of Covid-19, of which the number of deaths exceeded 1.3 million. Pandemic outbreaks continue to complicate many parts of the world, causing concern in the United States and Europe.
The vaccine is expected to be an effective way to prevent this pandemic in the near future.
Analysts said that gold prices are still supported by information spreading the Covid-19 epidemic in Europe and America. In the face of the continuing epidemic, the economies of other countries will be stagnant, difficult to recover, and will require more support packages. This is an opportunity for gold to promote its hiding place for investor capital flows.
Goldman Sachs experts said they still hold their expectation that the price of gold will rise to $ 2,300 / ounce in 2021. The price of gold continues to push from the weaker USD and the inflation expectation increases.
According to Goldman Sachs, the demand for gold from emerging markets will rebound in 2021, as China and India have started increasing their gold purchases again.
However, the price of gold will be anchored in the current range if the market does not break out of the accumulation range of USD 1,850 – USD 1,900 / ounce. Risks are still leaning towards a downtrend as the vaccine is likely to hit the market later this year, which could support the uptrend in risk assets and weigh heavily on safe-haven gold. . safe.
An Ha
