At the beginning of November 19 (in Vietnam time), the world gold price traded at 1,872 USD / ounce, down 9 USD / ounce compared with the same time the previous day.
Previously, at the session on November 18, from 6:00 to 15:00 on the same day in Vietnam time, trading investors were somewhat cautious because during this time period, no information had any impact. gold price. Accordingly, the gold price is held in the region 1,880-1885 USD / ounce. However, this price was broken when, for the second time, the vaccine was made by pharmaceutical company Pfizer Inc. has the potential to prevent up to 95% of the widely publicized Covid-19 infection (on 9-11, the first time Pfizer Inc. announced a 90% preventive vaccine), paving the way for it to submit an application for a Covid-19 vaccination permit within the next few days.
With this information, many investors rushed to sell, causing the gold price to plummet 20 USD / ounce, from 1,885 USD / ounce to 1,865 USD / ounce. At this price, a number of other investors bought to help the price of gold slowly go up to 1,877 USD / ounce (at 21:30). Next, they sold again and in the morning of November 19, the price of gold dropped to 1,872 USD / ounce.
Analysts commented that the movements of Covid-19, vaccine information will be factors affecting the trend of gold prices. The evidence is from 9-11 until now, when the pharmaceutical firms Pfizer Inc., Moderna Inc. 3 times in turn, the results of vaccine development are increasingly positive, the gold price has had some moments of decline. Since then, investors think this time holding gold can be risky. Therefore, they often massively sell as soon as the good news about vaccines is announced, causing the gold price to not go up.
Although Chairman of the US Federal Reserve (Fed) – Mr. Jerome Powell welcomed the effectiveness of the vaccine, he warned that it could not assess its impact on the economy; At the same time, Mr. Jerome Powell also said that the pace of US economic recovery is slowing down. Immediately, many investors speculated that the US economy was still tragic in a long time. They decided to invest in gold with a trickle level in order to minimize the risk, causing the price of gold to go up.
Meanwhile, some international financial experts predict that if a vaccine hits the pitch soon, the global economy will reopen and start a process of revival. Then, the price of gold may fall further.
Perhaps, due to the direction of the forecast, in the session lasting from the night of 17 to the morning of November 18, a number of investment funds sold 17.86 tons of gold; of which the world’s largest investment fund SPDR Gold Shares sold 8.02 tons, after having sold 26 tons in 5 trading sessions of the previous week (from November 9 to 13).
On November 18, thanks to the flourishing purchasing power, SJC gold price increased by 100,000 dong / tael, to close at 56.3 million dong / tael, 3.6 million dong / tael higher than the world gold price.