Domestic gold prices this morning, January 5, are being traded at the following level:
Opening this morning's trading session, the gold price at 9:00 a.m. was listed by SJC Hanoi at VND43.25 million/tael (down VND550,000/tael for buying) and VND43.77 million/tael (down VND450,000/tael for selling) compared to the morning session on February 4.
Doji Hanoi Jewelry Group listed at VND43.30 million/tael (down VND400,000/tael for buying) and VND43.65 million/tael (down VND650,000/tael for selling) compared to the morning session of February 4.
SJC Ho Chi Minh City listed the gold purchase price at VND43.25 million/tael (down VND550,000/tael); the selling price was VND43.75 million/tael, down VND450,000/tael compared to the morning session of February 4.
The world gold price today, February 5, was listed at 1,556.6 USD/oz, down 12.4 USD/oz compared to the end of the afternoon of February 4 (Vietnam time).
Converted at Vietcombank (23.310 VND/USD), the world gold price is equivalent to about 43.71 million VND/tael, 40,000 VND/tael lower than the selling price of SJC gold.
Gold prices continue to plummet in the context of the complicated developments of the Corona virus.
The People's Bank of China (PboC) on February 2 also cut interest rates on reverse buybacks in the context of the country's authorities increasing measures to reduce pressure on the economy caused by the spread of the respiratory infection caused by the Corona virus (2019-nCov).
This has helped the Chinese stock market increase strongly again after the plummeting session on February 3.
The Shanghai composite Index this morning increased by 0.7%, while Shenzen composite increased by 0.93%. This is in complete contrast to yesterday, when both indexes opened the trading session with a decrease of nearly 9%.
In Hong Kong, Hang Seng Index (Hong Kong) is currently up 1.1%. In Japan, the Nikkei 225 index increased to 0.1%. Kospi (Korea) increased by 1.46%.
Gold prices also fell due to the release of new US manufacturing data and a strong increase in the USD. The newly released US ISM manufacturing index has recorded positive growth. The first phase of the trade agreement between the US and China has helped the sector flourish.
Meanwhile, investors have stepped up profit-taking in the context of gold having increased sharply and peaked for many years in previous sessions and risky assets also affecting gold prices.
However, gold prices are not expected to fall too low. Currently, investors are still cautious about the respiratory infection epidemic caused by the new strain of the Corona virus with many assessments that this epidemic is still complicated and will continue to support gold prices.
