As of early this afternoon (February 12), the downward trend of world gold prices has not stopped when it continued to plummet to a new level of 1,563 USD/ounce, down more than 6.7 USD/ounce compared to the same trading price yesterday.
According to Kitco, a precious metals company, some optimistic comments about the US economy by Federal Reserve Chairman Jerome Powell help cool down the psychology of investors looking for a safe haven in gold.
Notably, according to Kitco's analysis, Chairman Jerome Powell's assessment that the US economy is currently in a good position and suggested that the Fed will not cut interest rates this year. The Fed is closely monitoring the COVID-19 situation and believes that this epidemic may have a slight impact on the US economy as an important factor affecting gold prices in the past 2 days.
However, the death toll in China of more than 1,000 people and more than 42,500 people affected by the virus corona shows that the epidemic is still very tense and this reality makes investors reserved when making forecasts about the possibility of gold price increase in the coming days.
The tug-of-war between downside factors and upside supporting factors makes forecasts for gold price movements increasingly difficult. Kitco believes that the most breakthrough target in the short term is that gold prices can reach the highest level of 1,598.5 USD/ounce.
In contrast, Kitco analyst Jim Wyckoff believes that the current downward trend in gold prices may not stop and gold prices may fall to 1,542.8 USD/ounce in the near future.
Responding to the developments of world gold prices, domestic gold prices at SJC, Doji and Bao Tin Minh Chau this morning still kept prices unchanged or increased slightly in the selling direction despite the decrease in world gold prices.
However, this afternoon, the gold price of these brands was adjusted down slightly by 50 - 70 thousand VND per quantity to around the common level of 43.80 - 43.88 million VND/tael (buy) and 44.08 - 44.31 million VND/tael.
Excluding import and processing costs, the world gold price converted according to Vietcombank's exchange rate on February 12 is currently equivalent to 43.93 million VND/tael.
