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At the beginning of 9-12 (according to Vietnamese time), the price of gold was trading at $ 1,870 / ounce, an increase of $ 10 / ounce compared to the same period the day before.
At the beginning of the session on December 8, many people feared that mutual funds would continue to sell gold, after these organizations sold 4.35 tonnes in the previous session, they traded quite cautiously. Others remained on the sidelines, listening to additional monetary signals from many countries and central banks. Consequently, investors buy and sell when the price of gold rises by $ 5-10 / ounce, causing the price of gold to rise to $ 1,870 / ounce and immediately sink to $ 1,860 / ounce. However, around 20 hours on the same day in Vietnam time (the time the US is open for transactions), the market has almost only buyers. Immediately after that, gold prices shot up to $ 15 / ounce to hit $ 1,875 / ounce. Then many other people sold out, forcing the price of gold to drop and until dawn on 9-12 it was trading at $ 1,870 / ounce.
Previously, due to weak purchasing power, on December 8 the price of SJC gold in our country decreased by 50,000 VND / tael, closing at 55.5 million VND / tael, 3.3 million VND / tael higher than the world price . .
Gold prices continued to rise as the Japanese government had just launched an economic stimulus package of more than $ 700 billion, raising market expectation that the US, the European Central Bank, the Federal Reserve of USA (FED) … add monetary packages in December 2020, with the aim of pulling the economy out of the crisis caused by the epidemics. This means that in the coming time, cash will flood the market, which can drive global inflation, spur the need to take refuge in precious metals, and help gold prices to prosper.
Analyst at Oanda Forex Trading Company (US) – Mr. Craig Erlam said the prospect of additional economic stimulus packages is a positive factor supporting the rebound in the price of gold. Currently, gold has broken above the resistance level of $ 1,850 / ounce, a positive sign for gold holders.
Meanwhile, the UK has been officially vaccinated against the large-scale epidemic, in which the Queen of England is one of the first vaccinated. The government of Canada may approve the use of the Covid-19 vaccine by Pfizer Inc. Company. this week. And Japan enacts laws so that all citizens have the right to the Covid-19 vaccine. With this information, investors think that the world economy has a recovery direction, which can negatively affect the price of gold.
According to business circles, although positive information on the development and distribution of Covid-19 vaccines could cause the price of gold to fall, the global economy takes a long time to recover. That is why the price of gold shines.
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