World gold price plummets
World gold prices ended the weekend session at a low level. February gold futures are currently at $1,463.60 an ounce, down 0.62% for the week.
According to Wall Street analysts, gold prices next week will continue to be stuck between the support level of 1,450 USD and the resistance level of 1,500 USD.
Gold prices may fall in the short term but he still expects gold prices to increase in the long term, Forecasts Fawad Razaqzada, technical analyst at City Index.
I do not expect gold to escape the current price range. Even with positive news from the US labor market, the number of first-time unemployment claims in the country fell by 203,000 last week, a sharper decrease than expected.
However, this information is still not strong enough to support gold to accelerate the breakthrough, said Mr. Afshin Nabavi, Director of MKS (Sweden).
Investors are in a state of concern as US President Donald Trump said the deal could be delayed until after the US presidential election in November 2020.
Mr. Mark Leibovit, an analyst, predicted that gold prices will fall to $1,400/ounce.
Forecasting gold prices in the long term, Ms. Chantelle Schieven, an analyst, said that gold prices could increase to 1,550 USD/ounce by the end of 2020.
The main drivers of gold's price increase are the escalating geopolitical instability and risks in the world. This makes gold a safe haven in the eyes of investors.
Geopolitical instability threatens global economic growth, and central banks in many countries are forced to keep interest rates low, but still have to pump liquidity into the market. This could lead to rising inflation and currency depreciation. When the USD weakens, gold often increases and becomes more attractive.
Domestic SJC gold price fluctuates
Domestic gold prices last week despite moving in the same direction as world gold prices. However, domestic gold prices adjusted with a lighter range.
Opening this morning's trading session, the price of SJC Hanoi gold was listed at 41.22 million VND/tael (down 150,000 VND/tael for buying) and 41.47 million VND/tael (down 140,000 VND/tael for selling) compared to yesterday morning's session.
DOJI Hanoi Jewelry was listed at 41.25 million VND/tael (down 120,000 VND for buying) and 41.40 million VND/tael (down 120,000 VND for selling) compared to the session yesterday morning.
Ho Chi Minh City SJC gold price. Ho Chi Minh City listed at 41.22 million VND/tael (down 150,000 VND/tael for buying) and 41.45 million VND/tael (down 140,000 VND for selling) compared to the previous morning session.
