At 6:30 this morning, August 15 (Vietnam time), the spot gold price in the world through the Kitco.com listing closed the week at $ 1,944.8 / ounce.
Gold price continued to decrease about 16 USD / ounce compared to this time yesterday morning, in the context of the dollar’s appreciation and the increase in US government bond yields. This caused gold to face a short sell-off to maximize investor profits.
In addition, the gold price is also under pressure from the news of the successful fabrication of the Covid-19 vaccine by Russia.
Route chart of the last 24 hours of gold price (photo Kitco.com)
Disease affects negatively the economy of many countries around the world. In the US, the epidemic plagues tens of millions of American workers into unemployment and leads to a 5% decrease in the gross domestic product (GDP) in the first quarter of 2020.
The situation is expected to worsen, economists say, with US GDP likely to drop more than 30% in the second quarter of 2020, before growing again in late 2020.
Currently, investors are monitoring information about a new economic stimulus package and trade talks between the US and China.
Closing the session yesterday, August 14, the price of SJC gold in Hanoi was listed by the company at VND 54.7 million / tael (purchased) - VND 56.3 million / tael (sold out); SJC gold price in HCMC closed at 54.43 million dong / tael - 56.17 million dong / tael.
Yesterday, the domestic gold price fluctuated strongly, the gold price increased rapidly after the market opened and then reversed to go down in the afternoon session.
Specifically, on the morning of August 14, the price of SJC gold in Hanoi through the listing of the enterprise was at 55.6 million dong / tael - 56.55 million dong / tael, which means an increase of 1.95 million dong each way. / volume bought in and 1.4 million dong / sold out compared to the previous session.
In Ho Chi Minh City, the price of SJC gold was listed by the company at 55.1 million VND / tael - 57.89 million VND / tael, an increase of 1.92 million VND / tael each way and 2.11 million VND / tael compared to the closing session. yesterday.
Along with the rising trend again, the gold buying-selling price band was also increased by nearly 3 million dong / tael.
However, after that, gold price reversed to go down and closed on August 14 at 54.7 million / tael (bought in) - 56.3 million dong / tael (sold out) in Hanoi; SJC gold price in HCMC closed at 54.43 million dong / tael - 56.17 million dong / tael.
On Kitco, Goehring & Rozencwajg associates stated that gold has had a strong price increase spanning from 1,050 USD / ounce (at the end of 2015) to over 2,050 USD / ounce as recently. Therefore, the adjustment is inevitable and the adjustment can be up to 50%.
After a period of buying gold steadily, SPDR Gold Trust - the largest gold ETF in the world - started selling in the past week, right when the gold price fluctuated strongly.
Specifically, on 12/8, SPDR Gold Trust fund sold 7.3 tons and reduced its holdings to 1,250.63 tons, marking 3 consecutive days of selling of this fund. During the past week, this fund has sold 17 tons of gold.
The sale of gold by SPDR Gold Trust also partly reflects investor sentiment in the gold market. The amount of gold in the SPDR Gold Trust fund decreased as soon as the gold price witnessed extremely volatile sessions after peaking at $ 2,070 on August 6.
Specifically, the price of gold sometimes plunged more than $ 150 to $ 1,888.63 / ounce in 24 hours, but now has recovered to $ 1,934.29 / ounce.
According to analysis from the market, gold turned down sharply mainly due to profit taking activities and news that Russia became the first country in the world to manufacture and register a vaccine against Covid-19.
