Domestic gold prices at the opening of the first trading session of 2020 are listed as follows:
DOJI Jewelry Group is listed at 42.45 - 42.75 million VND/tael (buy - sell), unchanged for buying and increased by 10,000 VND for selling compared to the previous morning session.
Phu Quy Jewelry Group today, January 1, 2020 in Hanoi and Ho Chi Minh City, is priced at 42.40 - 42.65 million VND/tael (buy - sell).
Saigon Jewelry Company listed the price of SJC gold at 42.25 million VND/tael (buy) and 42.75 million VND/tael (sell), down 50,000 VND compared to yesterday.
World gold prices closed the last trading session of 2019 at a very high level of 1,516.80 - 1,517.80 USD/ounce.
On the morning of January 1 (Vietnam time), the world spot gold price stood at 1,475 USD/ounce. The price of gold for delivery in February 2020 on the New York Comex was at 1,480 USD/ounce.
In 2019, gold prices increased by 18.6% and this is the strongest annual increase since 2010. Gold increased sharply in 2019, mainly due to instability in US-China relations, geopolitical tensions in the Middle East, the Korean peninsula and the downward outlook of the global economy.
The launch of a series of monetary easing policies by central banks in countries around the world is one of the strong supporting factors for precious metals.
In 2019, the US Federal Reserve (Fed) lowered the basic interest rate 3 times. Central banks of other countries have also lowered interest rates dozens of times in the past year.
Meanwhile, a weakening USD also helped gold increase strongly. The reason for the sharp decline in USD prices is that investors' confidence in global growth prospects and the first phase of US trade agreements have boosted risks.
US President Donald Trump said the first phase of a US trade deal with China will be signed on January 15 at the White House.
The Dollar Index (DXY) decreased by 0.36%, the red color covered the fourth consecutive session. USD prices marked the weakest level since July 1. The first phase of the trade deal, previously reached in December, has reduced demand for safe-haven currencies, dragging the dollar down 1.92% last month.
The weakening of the US dollar at the end of this year and the Feds moves have eased the optimism about the global growth outlook, MUFG analysts said.
