As of 3:30 p.m. this afternoon, spot gold prices on the world market were remaining around $1,608.4/ounce. Despite a slight decrease compared to the closing price of 1,611 USD/ounce of the previous day, gold prices still anchored at a high level, further consolidating previous forecasts for gold prices in the future.
Gold price fluctuations began to surprise investors when they began to reach the threshold of 1,600 USD/ounce on February 18 after a long period of staying around 1,550 - 1,570 USD/ounce, increasing by more than 1% on the day due to concerns about the increasingly severe impact of the virus virus virus (COVID-19) on the economy.
Entering February 19, the April 2019 gold futures contract even increased to 1,609.80 USD, equivalent to an increase of 0.39% on the day, while the price of spot gold at the end of the day also anchored at a high level of 1,611.3 USD/ounce.
The actual developments of gold prices in the world market are changing investors' predictions and making the market have more optimistic views about the future of gold prices.
Citigroup a multinational financial services group based in New York (USA) expects gold prices to reach 1,700 USD/ounce in the next 6 to 12 months and may even reach 2,000 USD/ounce in the next 12 to 24 months.
Dow Jones Market Data data shows that the highest gold price in history was set at 1,923.7 USD/ounce on September 6, 2011. Also in 2011, the highest gold price at the end of the day also reached 1,891.9 USD/ounce on August 22.
With the 1,700 USD markers as forecast by Citigroup, the convertible gold price could be equivalent to 47.78 million VND/tael and increase to 56.2 million VND/tael with the gold price forecast to reach 2,000 USD/ounce.
As of the afternoon of February 20, domestic enterprises are still maintaining the highest selling gold price in the range of 44.15 - 44.18 million VND/tael.
Gold investors acknowledge that the strong impacts of the COVID-19 epidemic on the supply chain as well as the world economy in general, along with uncertain developments surrounding the US-China trade war, are increasingly consolidating the position and value of gold in a risky market.
