Closing this week’s session, Kitco.com’s spot gold price traded at 1,571.6 USD / ounce.
The chart of gold price movements shows that this item has had very large waves.
The market increased sharply because investors were looking for safe assets to prevent risks. News of the strange pneumonia disease caused by the Corona virus strain that can spread between people has disrupted the financial markets and raised concerns that it could cause the Chinese economy to "slow down" growth when The country is trying to regain momentum.
In addition, due to the expected increase in gold demand during the New Year in China and Asia with the notion that buying gold for good fortune at the beginning of the year, the price of gold also has more upward momentum.
This week, gold prices continuously fluctuated when the market appeared negative signals for the picture of economic growth.
In the first trading sessions of the week, gold price was under great pressure of price reduction as the US economy continued to record new positive signals.
The newly released data shows that the number of new US built houses in 2019 has increased by 16.9% to 1,608 million units - the highest level since December 2006. This momentum is also the largest since October 2016. U.S. manufacturing output in the last month of 2019 increased by 0.2%, continuing the 1% increase recorded in November 2019.
Positive data reduces the chance that the Federal Reserve will cut interest rates at its meeting later this month. However, the price of gold actually increased sharply when the negative developments of the pneumonia epidemic caused by Corona virus in Wuhan (China) were complicated.
For the domestic market, closing the final price before Tet holiday, SJC gold price in Hanoi market is at 43.45 million dong / tael (bought in) - 43.85 million dong / tael (sold). In Ho Chi Minh City, SJC gold price closed at VND 43.3 million / tael - VND 43.75 million / tael.
For the whole year, the world has increased by about 18% while domestic gold has increased by VND 6 million per tael. Thus, investors pouring capital into gold also earn profits not lower than other investment channels.
In the new year 2020, the world gold price has had impressive fluctuating sessions, reaching the threshold of 1,580 USD / ounce; while domestic gold also increased by VND 1.2 million / tael.
Gold prices will be supported to increase in the near future if tensions between the US and Iran become worse.
With unpredictable political developments from the US - Iran or the US - China as well as the loosening monetary policy of countries around the world, many experts predict that gold will be an investment tool. favored and will have a positive year.
