Gold price may return to peak level?
On the morning of January 15, SJC gold bar price was large enterprise listed at 74 2-76 7 million VND/tael (buy – sell) increased by 200,000 VND buy afternoon but 300,000 VND decrease in selling price compared to the closing price of the week. The difference in both buying and selling directions decreased from 3 million VND to 2.5 million VND per tael.
SJC gold rings are listed at 62 6- 63 8 million VND/tael (buy – sell) increased by 200,000 VND in the buying direction and 300,000 VND in the selling direction at the opening session this morning. The two-way difference is 1.2 million VND.
Last week (January 8 to January 14), the price of gold increased by 3 million VND. However, with the difference between the buying price and selling price at that time being 3 million VND/quantity, buyers of gold bars could not make a profit.
In the international market gold price today reached 2,045 USD/ounce, down slightly by 3 USD at the opening of the week. Converted at the exchange rate without tax, the difference between world and domestic gold is 16 million VND/tael.
Last week, gold prices struggled as the market was influenced by many conflicting factors. After a series of stable days, gold prices plummeted to a one-month low under pressure from the recovery of the USD when CPI inflation data was released hotter than expected, raising concerns that the Federal Reserve The US (Fed) has not been able to cut interest rates in March.
However, precious metals quickly regained what they had lost before when tensions in the Middle East suddenly escalated. This boosted safe-haven demand for precious metals along with a lower-than-expected producer price index. Gold prices have remained above 2,000 USD for nearly a month.
Last week, 10 Wall Street analysts participated in Kitco News’s Gold Survey and the results showed that 7 experts predicted gold prices would rose higher this week while only one analyst predicted a decline in gold prices.
Marc Chandler – CEO of Bannockburn Global Forex – a company specializing in providing currency advisory services – commented: “The US – UK attacks on Yemen helped gold prices last week exceed 2,060 USD/ounce. The threat of the risk of war spreading in the Middle East could overwhelm the impact of the USD America and short-term interest rates.”
This person said that before the conflict, the price of gold dropped to 2,013 USD/ounce. He said that the factors are leaning towards the possibility of an increase and the price could return to the peak of 2,088 USD.
Adrian Day – Director of asset management firm Adrian Day Asset Management – believes that the price of gold has may increase in the short term. “The current probability is tilted to the upside,” he said.
James Stanley – senior market strategist at Forex.com – said gold has a resistance level at 2,075 USD/ounce and will remain there. until the price falls below 2,000 USD again.
USD price recovers slightly
USD-Index – an index measuring the strength of the greenback against a basket of major currencies – continued continues to recover, currently at 102 2 points, an increase of 2 51% compared to the bottom in July.
This morning’s central exchange rate was listed by the State Bank at 23,992 VND/USD, an increase of 16 VND. With the current 5% margin, the USD price at commercial banks is allowed to range from 22,792 VND to 25,191 VND.
Big banks list the buying – selling exchange rate at 24,280-24,650 VND/USD (buy-sell) increased by 20 dong each afternoon this morning. At the joint stock bank, the price is 24,260-24,640 VND/USD, an increase of 20 VND.
On the free market, the USD price is 24,750-24,850 VND/USD, unchanged from before.
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