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Experts predict that gold prices are stuck at the $ 1,850 and $ 1,900 threshold when economic stimulus packages are not a priority for the United States right now.
This morning (November 23), the world gold spot price traded around $ 1,874 per ouce, equivalent to VND52.6 million per tael if converted at the bank exchange rate (excluding taxes and fees), less than 3 , 5 million compared to domestic prices. Compared to the end of last week, each ounce of gold increased by $ 4, or more than 100,000 VND per tael if converted.
In the domestic market, DOJI Jewelry Group quoted the price of gold bars between 55.75 and 56.15 million dong per tael, an increase of 50,000 to 100,000 dong compared to last week.
The sideways gold trade appears to be affecting individual investors. Survey of Kitco shows that individual investors expect less and less for the price of gold to rise. Although analysts expect gold to explode, many believe that will not happen anytime soon.
Gold on display in the store. Photo: DOJI.
Gold is trapped in a range of $ 1,850 and $ 1,900, said Kevin Grady, president of Phoenix Futures and Options. Gold prices will still fluctuate at this level until there is new information.
“For gold to cross the $ 1,900 mark, we have to wait for news on the new US stimulus measures, but that doesn’t seem to be a priority at this point,” Kevin said.
Investors withdrew $ 4 billion last week, the largest cash flow from the gold mutual fund, as investors flocked to risky assets.
Bank of America cites data from capital tracking company EPFR Global, global capital inflows in the past two weeks have soared by more than $ 70 billion, the largest in history, focusing on the stock market. US stocks and emerging markets.
Quynh Trang
