Domestic gold prices this morning, December 28, are being traded at the following level:
Opening this morning's trading session, the gold price at 9:00 a.m. was listed by Doji Jewelry Group in Hanoi at 42.13 million VND/tael (up 150,000 VND) and 42.33 million VND/tael (up 150,000 VND) compared to the previous session.
Saigon Jewelry Company listed at 42.05 million VND/tael (buy) - 42.45 million VND/tael (sell) for retail transactions and 42.05 million VND/tael - 42.47 million VND/tael for wholesale transactions.
These prices increased to 50,000 VND/tael and 110,000 VND/tael compared to the previous morning session.
The world gold price today, December 28, is listed at 1,511.13 USD/ounce. Meanwhile, the price of gold traded at the US futures increased by 0.7% to 1,524.40 USD/ounce.
Meanwhile, the gold price was closed by Kitco.com for the trading week at 1,510.8 USD/ounce.
Gold prices increased in the context that many experts predict that 2020 will be a year of significant instability and chaos.
Alex Turro, market strategist at RJO Futures, predicted that gold prices could increase to $1,600/ounce, as the precious metal receives support from central bank purchases and technical demand.
Despite fluctuations caused by the US-China trade war, 2019 is still the year when major US stock indexes continuously hit new peaks.
The S&P 500 index surpassed the 3,200-point mark for the first time and continuously broke records. Although business investment has plummeted due to US-China trade instability, investors are still confident in investing in the stock market.
In the weekend trading session, the Nasdaq index of the US stock market surpassed the 9,000-point mark for the first time in history, while the S&P 500 and Dow Jones also closed the session at an unprecedentedly high level.
Considering that US stocks have risen to an all-time high in the past few weeks, analysts believe that the recent increase in gold is due to a protective measure against stock decline early next year.
Marios Hadjikyriacos, an investment analyst at XM, said, some traders are preparing for 2020 trades and see this as a good time to buy gold to prevent their deposits after pouring huge sums into strong-growth stocks.
Mr. Marios Hadjikyriacos also noted that key US stock exchanges have both increased in double digits, which is perhaps the right time to invest in protective and risk-off assets as we enter 2020.
Meanwhile, after more than a year of tensions, the US and China have found a common voice on trade for the first time. In the latest announcement, US President Donald Trump said he and Chinese President Xi Jinping are preparing to sign a phase 1 trade deal. The agreement has now entered the translation phase, ready for signing.
