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The price of gold on September 22 reversed and fell (Photo: Thy Tho)
Before setting the previous level, the price of gold on September 21, at some point, jumped to $ 1,955 / ounce. However, due to the strong selling force, the price of gold was forced to continually decline by $ 75 / ounce, to $ 1,880 / ounce at 10pm on the same day (Vietnam time). After that, the price of gold rose little by little and until dawn on September 22 it was trading at $ 1,913 / ounce.
Gold prices plummeted when some international financial institutions sold gold in bulk, the USD rose sharply against the euro (1 USD for 1.18 euros), the price of crude oil was somewhat weak. Meanwhile, the United States is facing a very strong storm, the US and European stock markets have had a stock sell-off.
Investors are currently turning their attention to the chairman of the United States Federal Reserve (FED); Mr. Jerome Powell will testify before the United States Congress later this week. The issue that worries them is whether the Fed tries to persuade the US government to add measures to stimulate the economy, which may cause the US dollar to weaken and have a positive impact on the price of gold.
From the beginning of 2020 until now, due to the Covid-19 epidemic, central banks, led by the FED, have supported the economy by massively injecting money into the market, applying low interest rates. In that ideal environment, the price of gold has risen by almost 30%.
Although demand for gold from central banks has gradually declined as of July 2020, Shaokai Fan, head of central banking relations at the World Gold Council, said that many banks continue to hold out. Save the gold to protect yourself from the extremely unpredictable socio-economic situation in the future.
Vietnam gold market on September 21, the transaction was very boring. The SJC gold price closed at 56.55 million dong / tael, almost 3 million dong / tael higher than the world converted price of 53.6 million dong / tael. Most likely, on the morning of September 22, traders will cut the price of domestic gold corresponding to the fall in the world price of gold.
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