Gold prices today, January 29th, are poised to surpass a 7-year high.
Gold prices on the world market today, January 29th, remain high and are considered likely to surpass their 7-year peak in the next few weeks as investors continue to seek safe haven assets.
On the night of January 28th (Vietnam time), the spot price of gold in the world market stood at $1,579 per ounce. The price of gold for February 2020 delivery on the Comex New York exchange stood at $1,584 per ounce.
Today's gold price is 23.2% higher (US$299/ounce) than at the beginning of 2019. World gold prices, converted using the bank's USD exchange rate, are VND 43.6 million/ounce, excluding taxes and fees, which is VND 300,000 lower than domestic gold prices.
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| Photo: Internet |
Global gold prices remain high and are considered likely to surpass their 7-year peak in the next few weeks as investors continue to seek gold as a safe haven amid predictions of difficulties facing the Chinese and Asian economies.
According to China's National Health Commission, China has recorded over 100 deaths from pneumonia caused by the novel coronavirus. There are more than 4,000 confirmed cases, including hundreds in critical condition.
The epidemic has spread to more than 10 countries around the world, including France, Germany, and the United States…
Japan has just discovered more cases of coronavirus infection, while Russia and many other countries have announced lockdowns for residents of Wuhan and Hubei province in China after the World Health Organization (WHO) acknowledged the dangerous nature of the outbreak.
Many large corporations in Australia have also decided to lay off employees who have previously traveled to China.
Gold prices fell primarily due to investor concerns that the coronavirus threatens the growth prospects of the global economy in an era where a sneeze from the Chinese economy can cause the whole world to catch a cold, alluding to the extent of the global impact of the world's second-largest economy.
On CNBC, ActivTrades expert Carlo Alberto De Casa suggested that gold prices have a chance to rise to a new 7-year high in the coming weeks. Previously, in December, gold reached a 7-year peak of $1,610.90 per ounce after an Iranian general was killed in a US airstrike.
Investors are currently awaiting the first policy meeting of the US Federal Reserve (Fed) this year on January 28-29, with predictions that the Fed will keep interest rates unchanged.
Gold prices also rose due to concerns within the European Union (EU) about the consequences of Britain leaving the EU. Michel Barnier, the EU's chief Brexit negotiator, warned that Britain's departure from the EU this weekend would have many "negative consequences," and the question is what to do to mitigate the damage.
On the domestic gold market, at the close of trading on January 22nd, most gold shops increased the price of 9999 gold in both buying and selling directions compared to the previous session.
Major gold and gemstone corporations are currently listing prices at: 43.45 million VND/ounce (buying price) and 43.85 million VND/ounce (selling price).