[ad_1]
Today (November 12), each quantity of SJC gold bars on HCMC was trading at 55.8 – 56.3 million dong / tael, 130,000 dong less than at the end of the previous day; Eximbank also listed the price of gold bar at 55.88 – 56.18 million dong / tael …
On the world market, the price of gold at the beginning of November 12 continued to decline to $ 1,866.6 / ounce, $ 10 less than the previous day. According to Reuters, gold fell 1.1% to 11.11 due to a stronger dollar. Meanwhile, optimism about the possible Covid-19 vaccine raises hopes for a rapid economic recovery, prompting investors to opt for risky assets. On November 10, policymakers from the US Federal Reserve emphasized that the need for financial assistance from the government is badly needed at this time. Bob Haberkorn, senior market strategist at RJO Futures, said there are two things against gold: strong stocks and the dollar rebounding right now. Therefore, it is difficult for the price of gold to continue rising.
Aggregate information from Eximbank said that China’s gold reserves were unchanged in October, showing that China’s buying trend has stalled since late last year. Furthermore, several central banks simultaneously sold net gold in the previous quarter. This also causes precious metals to lose their support dynamics. In recent years, central bank demand has helped strengthen the precious metal, and a decline in buying momentum could make gold prices more vulnerable to positive news about the Covid-19 vaccine. Also, the vaccine news appears to have sparked a breakout among gold investors. The investment fund SPDR Gold Shares sold the largest volume of gold in the last six weeks on October 9, but by contrast, the two largest ETF funds in Europe bought significantly. The fate of the precious metal depends on the availability of the vaccine, as well as the extent to which fiscal stimulus programs still deem it necessary …
[ad_2]
