Gold price turns down

Each ounce of world gold closed the US session last night down nearly 8 USD after recovering the previous day.

At 8:00 a.m. this morning (Hanoi time), the spot price decreased by 2.4 USD, down to nearly 1,332 USD per ounce. This level is equivalent to 35.86 million VND per tael. Meanwhile, the domestic market this morning listed around 36.55-36.75 million VND, 690,000 VND and 890,000 VND more expensive than the world price, respectively.

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Earlier, in the US trading session on July 14, the world gold price also dropped sharply. At one point, each ounce fell to a low of 1,320 USD, then closed the day losing nearly 8 USD - the lowest level in two weeks.

The decline in world gold prices is partly due to technical selling pressure and a stronger US dollar. In addition, some investors have begun to pay attention to other channels. The Investment Director of the world's largest financial club, The Oxford Club, Mr. Alexander Green, said that he also does not see the real value in gold. According to him, an investor who owns an ounce of gold, after 20 years, they still own only an ounce of gold. Meanwhile, if they invest in other assets that pay dividends, the return can be much higher.

However, in the session on July 13, each ounce of gold increased by 1% from the lowest level in nearly 2 weeks, when investors believed that there would be more economic stimulus packages pumped out.

Bert Dohmen, founder and chairman of Dohmen Capital Research, is also quite optimistic about gold. He believes that in the coming time, with the monetary easing policies of central banks around the world, gold will be strongly supported. "Gold is a currency and we cannot trust any currency more than it," he said.

According to VNE