Gold price today (February 5) plummeted

V. Minh• February 5, 2021 08:45

Gold prices today, February 5, on the international market plummeted in the context of the US unexpectedly announcing a much better than expected labor market.

World gold price
On the night of February 4 (Vietnam time), the world spot gold price stood at around 1,792 USD/ounce. Gold for April delivery on the Comex New York floor was at 1,795 USD/ounce.
The world gold price on the night of February 4 was about 17.8% higher (271 USD/ounce) than at the beginning of 2020. World gold converted to the bank USD price was 50.8 million VND/tael, excluding taxes and fees, about 6 million VND/tael lower thangold priceDomestically as of late afternoon February 4.

Giá vàng thế giới giao ngay cắm đầu giảm trong phiên Mỹ tối nay.

World gold spot prices plummeted in the US session tonight.

Gold prices on the international market plummeted in the context of the US unexpectedly announcing a much better than expected labor market.

The US Department of Labor has just released data showing that the number of people applying for unemployment benefits decreased by 33,000 people in the most recent week to 779,000 people. This is positive news for the US.
The strong US dollar also put a lot of downward pressure on gold. The greenback jumped to a two-month high after the US recorded positive information about the labor market.
Gold prices also fell due to strong increases in global stock markets, including US stocks. All three major US stock indexes increased sharply and are near all-time record highs.
Bitcoin’s strong rebound also puts pressure on gold prices. After a sharp decline last week, the digital currency Bitcoin has returned to nearly $38,000/1 Bitcoin.
The market is still closely following the policy signals of central banks of various countries. Any move related to tightening monetary policy could affect the prices of gold and silver.
Investors are also focusing on the $1.9 trillion economic stimulus package, which was passed by the US House of Representatives without Republican support.
Gold Price Forecast
Bitcoin is an “emerging competitor” to gold, according to Bluford Putnam, chief economist and CEO of CME Group. Bitcoin’s rise is due to its fixed supply, while gold is still being mined and supplied to the market.

Still, gold remains an attractive asset and a hedge against waning global political risks.

In the domestic gold market, at the end of the session on February 4, most gold shops in Hanoi reduced the price of 9999 gold by 100,000 VND in both buying and selling directions compared to the previous session.

Gold prices fell today.

At the end of the trading session on February 4, DOJI Gold and Gemstone Group listed the price of SJC gold in Hanoi at: 56.25 million VND/tael (buy) and 56.75 million VND/tael (sell). Saigon Jewelry Company listed SJC gold at: 56.25 million VND/tael (buy) and 56.77 million VND/tael (sell).

In Saigon, the domestic gold bar price is listed by Doji Gold and Gemstone Group at: 56.25 million VND/tael (buy) and 56.75 million VND/tael (sell). Saigon Gold and Gemstone Company listed the SJC gold price at 56.25 million VND/tael (buy) and 56.78 million VND/tael (sell).