Gold prices last week fluctuated "dancing" according to world geopolitical developments. At the beginning of the week, domestic gold bar prices were listed around 41.70 million VND/tael (buy) and 42.00 million VND/tael (sell).
By the trading session on October 9, gold prices began to increase. However, the price increase has not been long, but at the end of the week, gold prices tend to decrease due to the impact of the world.
At the end of the trading week, domestic businesses continued to adjust down around the threshold of VND100,000/tael.
Specifically, SJC Hanoi listed at 41.50 million VND/tael (down 100,000 VND/tael for buying) and 41.82 million VND/tael (down 100,000 VND/tael for selling) compared to yesterday morning's session.
SJC Da Nang listed at 41.50 million VND/tael (down 100,000 VND for buying) and 41.82 million VND/tael (down 100,000 VND for selling) compared to the previous morning session.
Gold prices next week are unlikely to recover by experts after the US presidential administration Donald Trump temporarily postponed the tax from 25% to 30% on 250 billion USD of Chinese goods on October 15.
Responding to Reuters, Steven Mnuchin, US Treasury Secretary, said the two sides would not issue a document until an agreement had been reached, then submit it to the president.
Chinese Deputy Prime Minister Liu He was more optimistic and said that there were many problems between the two sides, but now it is time for reconciliation.
These optimistic signals have caused cash flow to start to leave gold. Stock markets in many countries have seen a period of increase, green covers all stock exchanges, investors have begun to withdraw from safe-haven assets.
According to the results of a Wall Street survey with the participation of 17 experts, 5 analysts (29%) predict gold prices will increase next week, 8 people (47%) believe gold will decrease in price and the remaining 4 people (24%) said the gold market will be stable.
However, some investors still have a positive view on the price of Quy metal. Analysts say the correction in gold prices opens up opportunities for a buying period when global instability shows no signs of stopping.
Sean Lusk, co-head of commercial risk insurance at Walsh, said that if US-China trade negotiations progress well, stock prices will increase higher and put pressure on gold, but if the scenario goes against the back, gold will recover.
Therefore, Mr. Lusk believes that investors in the gold market need to be patient and maintain a neutral mentality.
Sharing the same view, Adrian Day, Chairman and CEO of Adrian Day Asset Management, also said that the recent weakness of gold due to optimistic signals from the US-China trade deal and Brexit is an opportunity to start buying.
