At the beginning of April 9 (according to Vietnamese time), the world gold price traded at 1,756 USD / ounce, 19 USD / ounce higher than the same period of the previous day.
Previously, the price of SJC gold in Vietnam on April 8 increased by 150,000 VND / tael, at the end of the day at 55.25 million VND / tael, higher than the world price of 6.2 million VND / tael.
According to analysts, the gold price rebounded in the context of the US coupon interest rate plummeted from the peak of 1.77% / year to the region of 1.63% -1.64% / year. This may motivate financial investors to limit the inclusion of capital in bonds. At the same time, investors in countries outside the US reduced the level of USD collection to buy bonds, causing this currency to devalue compared to other foreign currencies. They move part of the cash flow into the gold market. Gold prices sometimes skyrocketed by 20 USD / ounce.
However, cash flow into the gold market somewhat stalled when the International Monetary Fund (IMF) said the global economy recovered faster than expected. The market will have financial holes and could pose risks if countries rush to tighten monetary policy.
Accordingly, many investors expect the world economy to quickly recover. They focus their capital on stocks to help the US and European stock markets “green” the floor. This means that the cash flow into gold has been dominated. Gold prices fell into a disadvantage.
However, due to the insignificant increase in US and European stocks, investors did not withdraw their capital from the gold market. Therefore, the price of gold went up and stood stable at 1,755 USD / ounce for many consecutive hours.
Movements in the market at the beginning of April 8 showed that gold prices did not fluctuate significantly. However, when interest rates on US bonds and the value of the US dollar weakened, many people poured capital into gold despite the prosperous US and European stock markets. Accordingly, the gold price increased by 20 USD / ounce, from 1,737 USD / ounce to 1,757 USD / ounce. After that, the gold price only increased or decreased slightly. By the beginning of April 9, gold price was traded at 1,756 USD / ounce.
With the sharp increase in world prices, the domestic gold price is forecasted to increase today.