Gold prices slip in both domestic, foreign markets, showing signs of economic recovery

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Photo: Cong Thuong (Industry and Trade)

Domestic gold price

Gold was listed by DOJI Group at VND 54.75 million (US$2,370) per tael for purchase and VND 56.3 million (US$ 2,437) for sale at the closing session of this week.

In Hanoi, gold traded at SJC at VND 54.43 million - 56.19 million (US$ 2,356 - US$ 2,432) per tael while SJC in Ho Chi Minh City listed the precious metal at VND 56.17 million (US$ 2,431) per tael.

Gold prices fell more than 5 percent - the strongest drop in 7 years, as risk demand rebounded after encouraging economic numbers and expectations of a new coronavirus bailout that boosted the S&P 500 indexto near a high record.

Experts say that the strengthening of the USD has affected investors 'decisions, in the midst of investors' psychology of taking profits after gold prices rose sharply.

The gold price is likely to have an adjustment, depending on the market's assessment of the movements of the USD, when the US-China trade tension has promoted this currency, Industry and Trade News.

What next to gold price? Photo: Kitco News

World gold price

At the closing session of the week, the world gold price dropped USD 8 to USD 1,944.8 per ounce.

Over the past week, the global gold price dropped 4.5 percent, ending the streak of nine consecutive weeks of increase.

Many experts attributed the latest decrease to the number of Americans filing new claims for unemployment dipping below 1 million for the first time since March, which reflects improving economic conditions.

However, Commerzbank is continuing to warn investors against convincing themselves that the price pullback is over, Kitco News said.

Experts say that the strengthening of the USD has affected investors 'decisions, in the midst of investors' psychology of taking profits after gold prices rose sharply. Photo: Kitco News

“The sell-off on August 11 was too pronounced for this to happen. Following their historic slump in April 2013, prices also embarked initially on a countermovement that took them close to their pre-crash levels before they plunged once again and posted new lows at the end of June,” Commerzbank analyst Carsten Fritsch said.

However, the downturn is projected to be not as long as back in 2013, Fritsch added, touting a very supporting environment for gold.

“As can be seen from the stock markets, prices these days tend to recover from slumps much more quickly than in the past thanks to the massive injections of liquidity by central banks. Gold and silver should also have recouped their losses in the not-too-distant future and begin posting new highs,” he noted. /.

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