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The price of gold today, 18.9, increased slightly in the domestic market and decreased in the world market. Global economic experts said gold is expected to continue its impressive growth momentum.
Domestic gold pricesThe Saigon VBDQ Company quoted the purchase price for gold at VND 56.10 million / tael; the sale price was 56.55 million dong / tael, 50,000 dong / tael more in the buy and sell directions compared to the closing time of the previous session. The difference in the sale price is still higher than the purchase price of 450,000 dong / tael.
At the same time, DOJI Group quoted the gold buy-sell price from 56.10 to 56.50 million VND / tael, an increase of 20,000 VND / tael in the buy direction and 120,000 VND / tael in the direction of sale compared to closing. Session closed on September 17. The difference between the buy and sell prices of gold remained at 400,000 VND / tael.
World price of gold (In Vietnam time) for immediate delivery was 1,954.1 USD / ounce, 14.8 USD / ounce less than in the previous session. Based on the USD exchange rate in Vietcombank (USD 1 = 23,270 VND), the world price of gold equals 54.78 million VND / tael, 1.77 million VND / tael lower than the selling price of gold SJC.
Gold price appraisal
The fall in gold has many fluctuations as investors sold gold to make up for losses when equity prices in many Asian markets plummeted.
However, in the long term, gold is expected to rise due to a number of uncertainties in the world. The Fed itself has also warned about the uncertain outlook for the US economy. Fed Chairman Jerome Powell said that although the recovery was better than expected, the overall performance of the US economy had not reached the level before the Covid-19 outbreak.
Furthermore, the United States Congress has not found a common voice on the new stimulus package when both parties in the United States do not give up and blame each other.
Global economic experts said gold is expected to continue its impressive growth momentum. This year’s surge in summer purchases is just the beginning of the bull market for precious metals.
CIBC Bank of Canada said the average gold price will reach $ 1,925 / ounce in the third quarter and $ 2,000 / ounce in the fourth quarter; $ 2,300 / ounce by 2021; $ 2,200 in 2020 before returning to $ 2,000 / ounce by 2024.
The reason gold is forecast to continue rising is due to low real interest rates, the increasing burden of US government debt and geopolitical instability stemming from the upcoming US elections. The weakening of the USD is also the factor that will push the price of gold higher.
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