As of 4:00 p.m. this afternoon (February 19), gold prices on the world market continued to consolidate their upward momentum when reaching 1,608.1 USD/ounce, equivalent to an increase of 6.8 USD compared to the closing price the previous day.
World gold price converted according to Vietcombank's selling rate is equivalent to 45.2 million VND/tael. Domestic enterprises have also accordingly increased the price of gold listed on the market with the common selling price in the range of 45.0 - 45.15 million VND/tael.
World gold prices began to increase steadily from February 18 as fear increased after investors saw the impact of the virus corona (COVID-19) spreading to the global economy. Even at Apple, production and sales are showing signs of decline due to the impact of the epidemic.
Mr. Phillip Streible - Chief Market Strategist at Blue Line Futures - said that investors' priority is starting to change with the stock market as a factor that will continue to support gold prices. This assessment began when the price of gold futures for April increased by more than 1% on the day, last trading at 1,604.30 USD/ounce.
Regarding the possibility of gold prices rising in the coming time, Streible said he is considering a price where gold could reach 1,620 USD/ounce before making further adjustments and the target is 1,650 USD/ounce.
With the two price zones above, if converted to Vietcombank's selling rate of VND23,310/USD on the afternoon of February 19, gold prices could be equivalent to VND45.53 million/tael and skyrocket to VND46.37 million/tael. If it reaches this price, gold buyers now have a firm grasp of the profit.
However, in the short term, Jim Wyckoff - Senior Technical Analyst of Kitco.com - said that gold prices need to check the 1,619 6.6 USD/ounce mark before considering a new price peak.
If it breaks above $1,619.50 an ounce a seven-year high set in January 2020, Jim Wyckoff believes golds upside potential is solid for the future.
Meanwhile, Colin Cieszynski - Chief Market Strategist at SIA Wealth Management - said that the impact of the COVID-19 virus on the global economy could push gold futures to $1,670 to $1,680/ounce.
