Gold prices increased because of Middle East tensions, the “shark” SPDR Gold Trust continued to discharge


Gold prices increased because of Middle East tensions, the “shark” SPDR Gold Trust continued to discharge

Despite being supported by the need to prevent risks, gold prices are still at a disadvantage when gold exchange-traded funds (ETFs) maintain a year-long net selling trend…

Illustration photo – Photo: Bloomberg.

World gold prices increased as investors worried that armed conflict could spread in the Middle East after an attack on US soldiers in this region last weekend, pulling down domestic gold bar prices this morning ( January 30) increased by 100,000 VND/tael. However, the giant gold fund SPDR Gold Trust continues to net sell gold as the market waits for the results of the US Federal Reserve (Fed) meeting.

Closing Monday’s trading session in the US market, spot gold price increased by 14 USD/oz, equivalent to an increase of nearly 0.7% compared to last week’s close, reaching 2,033.8 USD/oz. At 9:00 a.m. Vietnam time this morning, the spot price of gold in the Asian market decreased by 2.9 USD/oz compared to the close of the New York session, equivalent to a decrease of 0.14%, trading at 2,030.9 USD. /oz.

Investors’ need to hedge risks increased after news of the attack on US soldiers in Jordan. On Sunday, a drone attack by Iranian-backed rebels killed three US soldiers and injured at least 34 others in the border area between Jordan and Jordan. Syria – US State Department said. This was the first deadly attack on US forces in the Middle East since the Israel-Hamas war broke out in the Gaza Strip last October.

“This incident has pushed tensions in the Middle East higher, leading to the need to buy gold and silver as a ‘safe haven’,” said analyst Jim Wyckoff of precious metals news site Kitco Metals.

Falling US Treasury yields also benefited gold prices, as the 10-year yield fell below the 4.1% mark. However, the rising USD continues to put devaluation pressure on precious metals. The Dollar Index, which measures the strength of greenbacks against a basket of six other major currencies, closed Monday at 103.6 points, from 103.5 points last week.

Investors are also cautious before the Fed begins its first regular monetary policy meeting of 2023 on Tuesday and ends the meeting on Wednesday. The current market is almost certain that the Fed will keep interest rates unchanged at this meeting. According to data from CME’s FedWatch Tool, traders are betting there is a 97% chance the Fed will not change interest rates when it makes a statement Wednesday afternoon local time.

“This Fed meeting will likely provide some signals about when interest rates will decrease, and whether the Fed is leaning towards being tough or soft on monetary policy,” Mr. Wyckoff said.

A Reuters survey released on Monday found that experts predict that global economic uncertainty and the Fed’s move to cut interest rates will push gold prices to new record highs. in this year.

World gold price developments over the past 10 years. Unit: USD/oz – Source: Trading Economics.

However, at the present time, gold prices are still facing “headwinds” such as the uptrend of the USD and expectations about the timing of the Fed’s first interest rate cut being pushed back from March. to May.

In addition, gold prices are also at a disadvantage when gold exchange-traded funds (ETFs) maintain a year-long net selling trend. The world’s largest gold ETF SPDR Gold Trust net sold more than 1 ton of gold in Monday’s session, reducing its holding volume to less than 855 tons of gold. Last week, the fund sold a net of 5 tons of gold.

At 9:00 a.m., Phu Quy Group listed Phu Quy Group listed the price of SJC gold bars for the Hanoi market at 74.4 million VND/tael (buying) and 76.75 million VND/tael (selling). ). Compared to yesterday morning, the price of SJC gold bars at this enterprise is currently increased by 100,000 VND/tael at each end of the price.

Phu Quy brand 999.9 plain round ring is priced at 63.9 million VND/tael and 65 million VND/tael, an increase of 150,000 VND/tael at each price end.

In the Ho Chi Minh City market, SJC Company quoted the price of gold bars of the same brand at 74.3 million VND/tael and 76.8 million VND/tael, respectively, buying and selling prices, an increase of 100,000 VND/tael compared to the morning. via.

At the same time, the converted world gold price was equivalent to nearly 60.4 million VND/tael if converted at the USD selling rate at Vietcombank, equal to yesterday morning. The world gold price increased but the converted price did not increase because the USD/VND exchange rate decreased sharply.

Thus, compared to the converted world gold price, the retail price of SJC gold bars is 16.4 million VND/tael higher, and gold ring price is 4.6 million VND/tael higher.

Vietcombank this morning quoted USD price at 24,305 VND (buy) and 24,675 VND (sell), down 75 VND at each price compared to yesterday morning.

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