Gold prices today, April 13, 2023, remained above the $2,000/ounce mark as investors awaited US inflation data. Experts said that gold increased sharply after the banking crisis, but that trend will not last until the second half of this year.
LIVE UPDATE TABLE OF GOLD PRICE TODAY 4/13 AND EXCHANGE RATE TODAY 4/13
| 1. SJC - Updated: 12/04/2023 13:31 - Time of website supply - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| SJC 1L, 10L | 66,400 | 67,000 |
| SJC 5c | 66,400 | 67,020 |
| SJC 2c, 1c, 5c | 66,400 | 67,030 |
| SJC 99.99 gold ring 1 chi, 2 chi, 5 chi | 55,600 | 56,600 |
| SJC 99.99 gold ring 0.5 chi | 55,600 | 56,700 |
| Jewelry 99.99% | 55,400 | 56,200 |
| Jewelry 99% | 54,344 | 55,644 |
| Jewelry 68% | 36,370 | 38,370 |
| Jewelry 41.7% | 21,588 | 23,588 |
Update gold price today April 13, 2023
Worldgold prices remain above the $2,000/ounce mark as investors await US inflation data for clues on the US Federal Reserve's interest rate direction.
According to TG&VN at 7:00 p.m. on April 12, the world gold price on the Kitco exchange was anchored at 2,008 - 2,009 USD/ounce, up 4.3 USD compared to the previous trading session.
In the Asian market, gold prices also increased slightly. At 2 p.m. (Vietnam time), spot gold prices and gold futures prices both increased by 0.7% to $2,017.09/ounce and $2,032.60/ounce, respectively.
Markets are now looking ahead to the US consumer price index (CPI) due out later today, as the data will influence the Fed's interest rate decision. According to the company's FedWatch tool, the market is pricing in a 67.2% chance of a 25 basis point rate hike in May.
Domestically, at the end of the trading session on December 4, Saigon Jewelry Company listed the price of SJC gold in the Hanoi market at 66.40-67.02 million VND/tael (buy-sell), unchanged compared to yesterday's trading session (December 3).
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| Gold price today April 13, 2023: Gold price receives large cash flow, will the Fed direct the market? It is difficult to maintain the level of 2,000 USD/ounce. (Source: Shutterstock) |
Summary of SJC gold prices at major domestic trading brands at the closing time of April 11:
Saigon Jewelry Company listed the price of SJC gold at 66.40 - 67.02 million VND/tael.
Doji Group currently lists SJC gold price at: 66.40 - 67.00 million VND/tael.
Phu Quy Group listed at: 66.40 - 67.00 million VND/tael.
PNJ system listed at: 66.35 - 66.95 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 66.42 - 66.98 million VND/tael; Rong Thang Long gold brand is traded at 55.51 - 56.46 million VND/tael; jewelry gold price is traded at 55.20 - 56.30 million VND/tael.
Gold is unlikely to maintain $2,000/ounce in the long term?
Ms. Kristalina Georgieva, President and Managing Director of the International Monetary Fund (IMF), warned that in the next 5 years, the global economy will face the weakest growth period since the 1990s.
The IMF forecasts that global GDP will grow by less than 3% this year, after nearly halving last year's global economic growth before recovering from the pandemic in 2021.
Ms. Kristalina Georgieva emphasized: "90% of developed economies will experience a slowdown in growth this year. Pessimistic forecasts about the global economic outlook have pushed money into gold, which is considered a safe haven asset."
However, according to Mr. Philip Newman, CEO at Metals Focus, gold is unlikely to hold the $2,000/ounce level in the long term, unless the Fed sends a clear message of pivoting in monetary policy.
Gold rallied sharply after the banking crisis and prices continue to trade well above $2,000 an ounce. But that trend will not last into the second half of the year.
"Gold above $2,000 an ounce is driven by how the market perceives the Fed's interest rate policy. In addition, with a series of incidents in US and European banks, the market has seen strong buying momentum from investors," said Mr. Newman.
The gold market remains very sensitive to US data releases and any further data could potentially counter market expectations that the Fed is ready to start cutting interest rates. In this scenario, gold could fall quickly.
"We suspect that gold will stay at current levels for a while. The Fed has not said that they are ready to cut interest rates. The second half of 2023 will be more oriented towards the Fed's stance," Mr. Newman emphasized.
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