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Friday 11/20/2020 08:38 AM (GMT + 7)
The recovery of the dollar caused gold prices to continue to fall deeply.
At 8:25 am Vietnam time, the world price of gold stood at $ 1,866 / ounce, $ 5 / ounce less than the same time the previous morning. At the end of the trading session on November 19, the spot gold contract fell 0.8% to $ 1,856.58 / ounce, after reaching the lowest level since September 11 of $ 1,851.83 / oz. . Gold futures contracts lost 0.9% to $ 1,856.80 an ounce.
A stronger dollar is putting pressure on gold, said Jeffrey Sica, founder of Circle Squared Alternative Investments. The ICE US Dollar Index, a measure of the dollar’s movements against six other major currencies, advanced 0.4% as the number of Covid-19 infections skyrocketed globally.
Gold prices continually plunged against the backdrop of the US Announcing that the number of unemployed rose sharply compared to the forecast, the Director of the International Monetary Fund (IMF) – Kristalina Georgieva warned that the process of global economic recovery it is still difficult. towels
Yesterday, November 19, investors sold stocks hard, causing the stock markets of Europe, Japan and Korea to plunge into the red; At the same time, they also sold US government bonds, which changed the cash flow to USD, causing the dollar to rise sharply, detrimental to gold prices.
Furthermore, optimism about the development of the Covid-19 vaccine, which could be ready for US approval in a few weeks, also reduces the attractiveness of precious metals.
The vaccine has removed some long-term uncertainty when it comes to Covid-19. So while there are concerns about the short-term impact of the box boom, in the long term, people are more optimistic, which is why we probably see a drop in gold. “Shared Mr. Sica.
Gold prices remain submerged
In fact, in recent days, many gold mutual funds have been continuously selling or not participating in the market. Specifically, in three trading sessions (from November 16 to the morning of November 19), some investment funds sold a total of 43.64 tons of gold, of which the largest investment fund in the world, SPDR Gold Shares, had two sessions. it sold out with a volume of 15.32 tons and was not traded for 1 session.
In the domestic market, this morning, Saigon Jewelry Company quoted the price of SJC gold bought and sold at 55.7-56.17 million VND / tael, 50,000 VND / tael more compared to the closing session today. prior to.
The gold price of Doji Gold is trading at 55.6-56 million dong / tael, unchanged from yesterday.
Phu Quy SJC traded the price of gold at 55.75-56.05 million dong / tael, an increase of 50,000 dong / tael compared to the last session.
Source: http: //danviet.vn/gia-vang-hom-nay-20-11-dan-buon-ban-hon-43-tan-gia-vang-bi-dim-xuong-day-50202 …
Gold prices continue to be pressured by news of the COVID-19 vaccine.
