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Yesterday’s session (December 1) brought quite a lot of emotions, when there were mixed movements at the beginning of the session but they were reversed sharply at the end. World gold prices tended to stabilize after the strong sell-off caused prices to plummet, to near a 5-month low in the previous session. 11/30 session, this precious metal has the worst monthly decline in 4 years after sliding to the lowest level since 2/7 is 1,764.29 USD / ounce.
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| The world price of gold rose by almost $ 40 / ounce, closing the session at $ 1,815.6 – $ 1,816.6 / ounce in Kitco. (Source: (Source: Talkmarkets) |
As the session closed yesterday (December 1) at 6.30pm, the SJC gold price rose again rapidly in most national trading systems. Saigon Jewelry Company with both TP branches. Ho Chi Minh City and Hanoi quoted the sale price at 54.30 – 54.32 million VND / tael, equivalent to an increase of 600,000 VND / tael compared to the price at the beginning of this morning session.
At the same time, in Hanoi, Minh Chau Bao Tin Company quoted the price of gold at 53.55 million dong / tael, an increase of 530,000 dong / tael (purchased) and 54.10 million dong / tael, equivalent to increased 520,000 VND / tael (sold out). Gold price 999.9, Dragon Gold Thang Long brand is currently trading at 52.71 – 53.46 million / tael (buy for sale).
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Update the gold price today 2/12, the domestic gold price continues to rise strongly after the rise of world gold, currently SJC gold continues to increase by more than 500,000 VND / tael. Opening session this morning at 9:00 am, Saigon Jewelry Company listed the price of gold in 54.20 – 54.85 million VND / tael (buy sell), an increase of 500,000 VND / tael in the buy direction and 550,000 VND / tael in the sell direction compared to the previous session. The difference between the sale price of gold is greater than the purchase price of 650,000 VND / tael. In the Hanoi market, Minh Chau Bao Tin Company quoted the price of SJC gold rose dramatically in both buying and selling directions. 54.20 – 54.65 million / volume (purchase-sale). Following the uptrend, 999.9 gold, Thang Long Dragon Gold brand appears on 52.96 – 53.66 million / tael. At the same time on the ground Kitco, spot price of gold after rising a circuit above 1,810 USD / ounce, currently fluctuating slightly in price 1,811.9 – 1,812.9 USD / ounce, 3.3 USD / ounce below the previous session. |
Investor interest in gold picked up as the number of new Covid-19 cases remained high and darkened prospects for a global economic recovery. The price of gold is still dominated by long-term factors like low bank interest rates, rising inflation, and a weak dollar …
The gold market is experiencing fresh buying momentum again in the final month of 2020 after a gloomy penultimate month. The price of gold in February traded at $ 1,816.20 / ounce, up 2% in 1 day.
When investor sentiment is dominated
Commerzbank’s precious metals analyst Carsten Fritsch noted that gold prices fell 5.4 percent last month as the market is constantly under selling pressure as investor sentiment is dominated by news about three possible vaccine against the Covid-19 virus. Vaccines are changing expectations that the world economy will recover faster than expected from a devastating pandemic.
The typical test of investor sentiment has changed, is that gold saw its worst month since November 2016, while the stock market posted its best monthly gain since 1987. The Dow Jones Industrial Average has broken a new record of more 30,000 points.
The Commerzbank expert noted that ETFs have become the main cause behind the “whirlwinds” in gold prices, causing the winds to jump. Citing data from Bloomberg, Fritsch said that 100 tons of gold flowed from ETFs last month, marking the first month of strong sales of the year. Yesterday, the market saw the sale of another 12 tons of gold. “ETF investors have thus become a negative factor for the price of gold, after their buying volume has pushed the price up between April and August,” said expert Carsten Fritsch. .
Interested in returning the gold?
Although investor demand for gold has weakened over time, according to precious metals market analyst Carsten Fritsch, other key market drivers are starting to emerge, especially. in major Asian markets.
“The news from the Indian market brings a ray of hope. The demand for gold appears to have increased significantly in the past week due to falling prices. The revival of material demand in Asia will make an important contribution to stabilizing gold prices in the near future. And this precious metals market will need to be stable to restore ETF investors’ “damaged” confidence in gold, “the Commerzbank expert said.
Meanwhile, South Asian market principal investigator Harshal Barot of investment consultancy Metals Focus said that despite the selloff in the last session in November, gold prices held steady at the close. above the important support level of $ 1,760 / ounce. When that threshold is maintained in the rollback sessions, plus the complicated situation of the Covid-19 translation, the price of gold is likely to recover even more in the next time.
Investors are now focusing on Fed Chairman Jerome Powell’s hearing before the Senate Banking Committee at the end of December 1 (US time). This is believed to provide some clues as to the direction of monetary policy in the world’s leading economy.
However, just before that, Jerome Powell warned that the sharp increase in the number of Covid-19 infections would continue to put pressure on the world’s largest economy. “As we have always emphasized during the pandemic, the current economic outlook is extremely uncertain and will depend largely on efforts to control Covid-19. The rise in new infections, both in the United States and abroad, is ominous and It could pose many challenges in the coming months. The economy cannot fully recover until people are sure they are safe to get back to business, “the Fed chairman warned. Earlier last month, Powell issued a similar warning. During an online meeting at the ECB’s Central Banking Forum, he argued that the pre-pandemic economic climate is unlikely to return.
Executive Director Michael Langford of Business Consulting at AirGuide Consulting said gold has been a fairly “crowded” investment channel for a long time, so many investors are allocating assets away from gold and towards riskier assets as it improves. market confidence. However, those asset flows could quickly reverse again as the global economic situation clears up.
Meanwhile, TD Securities commodities strategist Daniel Ghali is quite bullish when he predicts that gold prices will rise above $ 2,000 next year. He said gold is indeed in a new mechanism, when the vaccine is likely to be a catalyst for high inflation when economies rebound.
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