The downward trend of gold prices in the world market stopped this afternoon (February 13.) when the world gold price recorded by Kitco reached a trading level of 1,574.7 USD/ounce, equivalent to an increase of 8.9 USD/ounce compared to the closing price the previous day.
Thus, compared to the trading price at the same time yesterday afternoon at 1,563 USD/ounce, the world gold price has now increased to 11.7 USD. This is a huge increase in the history of gold prices because after just one night, gold prices increased by 0.7% after a sudden drop on February 12.
According to world gold investors, gold prices regained their previous decline after Federal Reserve Chairman Jerome Powell announced that the Fed will use qualitative easing as a tool to prevent economic decline.
Notably, the Fed Chairman said he will use the "mental easing" activity, known as "mandiversity easing", to convey messages about interest rate policy as a tool to prevent the economy from falling next time.
Todd Bubba Horwitz - Chief Market Strategist of BubbaTrading.com - commented that the important point is that the world gold price is maintaining the price above the support zone of 1,560 USD/ounce and is looking for a new price of 1,600 USD/ounce.
But I am quite confident that gold prices will conquer the high of $1,630/ounce with a surge and form a new price peak in the short term, Todd Bubba Horwitz told Kitco, a precious metals company.
Responding to developments in the world market, domestic gold prices as of 7:15 p.m. this afternoon increased to 150 - 170 thousand VND pertaining to many brands, bringing the selling price to the highest level of 44.25 - 44.46 million VND/tael.
