The world’s gold price today bounced up
Around 6 o’clock on September 10 (Vietnam time), the world’s gold price today traded at $1,795 per ounce, recording an increase of $7 per ounce.
Last night, when the USD reversed to weaken against the euro, the world gold price sometimes jumped to the threshold of 1,800 USD/ounce.
Gold prices rose today in the context of the European Central Bank (ECB) keeping the basic interest rate negative 0.5% to 0%. At the same time, the ECB announced to reduce the amount of cash injected into the market each month from 90 billion euros to 80 billion euros to support the European economy to withstand the damage caused by Covid-19.
Due to the limited supply of euros, the currency market is volatile. Accordingly, the widespread appreciation of the euro forced the value of the USD down, which was beneficial for gold prices today.
Another development was that investors continued to sell stocks, causing the stock markets of Hong Kong (China), Japan, Europe and the US to sink into the red. Many have shifted some of their capital into precious metals. Therefore, the price of gold today has the power to jump up after two days of a total decrease of 40 USD/ounce.
Trading on the market showed that on 9-9, investors increased their purchasing power. The world gold price sometimes jumped to 1,800 USD/ounce. At this price, some investors took advantage of selling to take profit. The world gold price therefore decreased by 15 USD/ounce, from 1,800 USD/ounce to 1,785 USD/ounce.
However, when the USD began to depreciate, many other investors poured capital into the precious metal. Gold price today regained 10 USD/ounce and until 6 am on September 10, trading at 1,795 USD/ounce.
Previously, the price of SJC gold in Vietnam on September 9 remained unchanged at 57.25 million dong/tael. Thus, the domestic gold price is higher than the world gold price, equivalent to 7.8 million VND/tael.
Business circles warn that the biggest risk of precious metal prices is still the trading moves of gold investment funds. Because, the latest report of the World Gold Council indicates a significant drop in investment demand. In particular, in August 2021, investment funds sold 22 tons of gold.
Tin – photo: Thy Tho
Source: nld.com.vn – Translated by fintel.vn