The price of gold in the world today continues to increase
Early on May 19 (Vietnam time), the world’s gold price today traded at $1,869/ounce, up by $2/ounce after rising $23/ounce in the previous session.
Gold price continues to increase today as money flows into precious metals more and more. The main reason is that gold investment funds have bought in massively, leading to the purchasing power of many other investors. Specifically, in the trading session that lasted from the night of May 17 to the morning of May 18, some investment funds bought another 14 tons of gold, after buying 7.8 tons in the previous session.
Thus, in 2 consecutive trading sessions, investment funds bought a total of 21.8 tons of gold, of which in the world’s largest investment fund SPDR Gold Shares bought 15.3 tons.
Due to rising inflation in the US, many people reduced their USD holdings, causing this currency to continue to weaken on a large scale, stimulating investors to put capital into precious metals, helping gold prices prosper today.
On the other hand, investors continued to sell off Bitcoin virtual currency, causing the value of this coin from 45,000 USD to 43,500 USD/Bitcoin. Accordingly, they moved part of their capital into the gold market. World gold prices have more opportunities to shine.
In particular, concerns about the tense Covid-19 situation in some countries in Asia have prompted investors on Wall Street to sell stocks strongly. The US stock market plummeted. The Dowjones fell 267 points, the S&P 500 fell 35 points and the Nasdaq dropped 75 points. Many people have directed their money into the commodity market, including gold. Therefore, the world gold price continued to rise.
Trading on the market showed that on May 18, the world gold price sometimes reached $1,875 per ounce. At this price, some investors start to sell short and wait for the gold price to go down and buy the difference. So, the price of gold from 1,875 USD/ounce to 1,863 USD/ounce.
After that, those who had sold short started buying while many other investors poured their capital into the gold market. Since then, the world gold price has increased. At 6 o’clock on May 19, the price of gold today traded at 1,869 USD/ounce
Previously, because the world gold price from 9 am to 5 pm on May 17 went down, during this period, the price of SJC gold in Vietnam decreased by 120,000 VND/tael, closing at 56.43 million VND/tael at the end of the day. Accordingly, the domestic gold price is about 4.4 million VND/tael higher than the world gold price.