Gold price today 2/5: Continuously increasing, hot on God of Wealth day

Gold prices today, February 5, are getting hotter as the God of Wealth's Day, January 9 and 10, approaches. Reopening after Tet, gold prices have increased dramatically and continued to increase for the next 4 days.

The domestic gold market is heating up after the Lunar New Year holiday and the God of Wealth Day next Monday. Gold prices continue to increase sharply, reaching VND38 million/tael at one point, the highest level since the post-Brexit period in July 2016.

In the first trading sessions of the new year 2017, the gold price has been constantly “dancing”, compared to the time before the market was on Tet holiday, the gold price increased from 500,000 VND and 600,000 VND/tael each way. The gold bar market shows signs of overlapping, investors are expecting that on the God of Wealth Day (9th and 10th of January (Lunar calendar)) there will be exciting trading sessions.

Gold market is expected to fluctuate strongly on God of Fortune day

Yesterday afternoon, the price of SJC gold in Hanoi was listed by several large gold businesses at 37.2 - 37.5 million VND/tael (buy - sell) for retail transactions. Meanwhile, opening the morning, the price of SJC gold was adjusted up 200,000 VND to 37.45 - 37.75 million VND/tael.

In the world market, gold quickly rose back to $1,218/ounce when economic information announced that the ISM industrial management index reached 56.5 points, lower than the forecast of 57 points. The controversial policies that the new US President Donald Trump has recently put pressure on the stock market.

Nonfarm payrolls are expected to increase by 170,000 jobs in January 2017, in case the announced figures are positive, will provide more data for investors to predict when the Fed will raise interest rates this year.

The world's largest gold exchange-traded fund, SPDR Gold Shares, is stepping up its buying activity. Reports show that the fund has made its biggest purchase in nearly four months, with purchases reaching 10.7 tonnes. This move by SPDR Gold Shares has contributed significantly to the gold price's breakthrough despite the lack of buying power from Asia, which has just celebrated the Lunar New Year holiday.

According to Adrian Day, President of Adrian Day Asset Management, although the FED is keeping an eye on price fluctuations, he believes inflation is still happening and this is a factor supporting precious metals.

Sean Lusk, Director at Walsh Trading, also agreed that gold is benefiting from political uncertainty. Gold is expected to continue to rise in the coming time.

According to Vietnamnet