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Gold dropped in the first morning of the new week

Gold dropped in the first morning of the new week

Wednesday 05, 02 2020
The world gold price opened a new trading week in a downward trend, causing the domestic gold piece price this morning (January 13) to follow suit.

The gold prices dropped

At more than 10 am, Phu Quy Group listed the price of SJC gold for the Hanoi market at VND 43.25 million/tael (bought in) and VND 43.5 million/tael (sold). In Ho Chi Minh City market, SJC Company quotes gold bars of the same brand at VND 43.15 million/tael and VND 43.55 million/tael, respectively, for buying and selling prices.

Compared to the end of the week, the gold bar price is down by 100,000 dong/tael. Compared to the converted world gold price, the retail gold price is equal to or cheaper than VND 50,000/tael depending on the listing of each business.

The price of a gold bar has now "cooled down" compared to the 7-year peak of VND 45 million/tael set last week. All movements of the gold price are influenced by world gold prices, while the international gold price is determined by the rise and fall of the risk appetite of investors.

Recently, whenever the global financial market received bad news about geopolitics or the US-China trade war, investors often sold shares and bought gold. Conversely, when the risk subsides, demand for stocks increases and gold prices fall again.

The price of other 999.9 gold products also decreased by VND 100,000/tael this morning.

Phu Quy ring of Phu Quy has the buying price of 43.1 million dong/tael and sold it at 43.6 million dong/tael. The Thang Long Dragon Circle Ring of Bao Tin Minh Chau is priced at VND 43.28 million/tael and VND 43.83 million/tael respectively.

Spot gold price in the Asia market at more than 9 am Vietnam time stood at 1,557.7 USD/oz, down 5.4 USD/oz compared to the closing session last week in New York.

Investors will have to wait to see

International investors are cautious before the US-China signing of the first-phase trade agreement.

Last week, a delegation led by Deputy Prime Minister Liu He arrived in Washington on January 13, starting a four-day mission. The US side has confirmed the deal will be signed at the White House on January 15.

In addition, investors are also waiting for the next developments of tensions between the United States and Iran, especially after Tehran last weekend admitted to a wrong shot that caused a Ukrainian passenger plane to fall on January 3.

Gold dropped in the first morning of the new week

The dollar on the international market was less volatile this morning, with the Dollar Index hovering around 97.4 points. Last week, sometimes this index fell below 97 points.

The free USD price in Hanoi at the beginning of the morning was at VND 23,165 (bought in) and VND 23,190 (sold), down VND 20 and VND 25 respectively compared to Friday.

​At Vietcombank, the listed USD price remained stable at VND 23,110 and VND 23,230, respectively.

​>>> What to invest in 2020: Will gold take the throne?

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