Domestic gold price

End of the weekend trading session,gold priceDomestic gold pieces are listed by Gold and Gemstone Groups at: 56.40 million VND/tael (buy) and 56.9 million VND/tael (sell).

World gold price

Gold for April delivery rose $21.80, or 1.2%, to settle at $1,813 an ounce, after falling 2.4% in the previous session to its lowest since late November 2020, according to FactSet data. For the week, the precious metal fell 2%.

World gold prices recovered in the session on February 5, ending a volatile trading week, after the US's worse-than-expected monthly employment report added momentum to the passage of a second economic stimulus plan in Congress.

Gold price. Photo: Internet

The US dollar posted its best week in three months last week, while US bond yields also rose, buoyed by the outlook.economybrighter as countries roll out COVID-19 vaccination programs, infections decline and macroeconomic data improves.

This has weakened demand for gold, which is seen as a hedge against inflation and a "safe haven".

Gold Price Forecast

Experts are divided on gold prices, according to the latest Kitco News weekly gold survey. While most Wall Street analysts expect higher prices next week, Main Street is less optimistic.

Accordingly, 9 analysts (equivalent to 64%) said that gold prices will increase next week; meanwhile, 4 analysts (equivalent to 29%) said that the precious metal will decrease in price and 1 analyst (equivalent to 7%) said that they have a neutral opinion on gold.

Meanwhile, 1,823 Main Street investors cast their votes in the online survey, with 873, or 48 percent, bullish on gold next week. Another 568, or 31 percent, said the precious metal would fall, while 382, ​​or 21 percent, were neutral.

Besides, gold prices may even fall lower due to speculation that the US economy in particular and the global economy in general are on the path to recovery.

vietnamnet