If in the whole year of 2023, the price of SJC gold increased by more than 10%, then by the end of May, the gold price had increased by about 19%, from 74 million VND/tael (January 1, 2024) to the present time, it has increased to more than 88 million VND/tael, which is considered a record increase in history.
However, according to data from the General Statistics Office, the world gold price has also increased in the same direction as the Vietnamese gold price in the past. In just the first 5 months of 2024, the world gold price increased from 2043.21 USD/ounce to 2375.45 USD/ounce, an increase of 22.7% over the same period last year.
In May 2024, domestic gold prices continuously reached new peaks, far exceeding analysts' expectations. Specifically, gold prices reached VND92.2 million/tael on May 10, 2024. After that, they maintained an average of VND90.2 million/tael for 10 consecutive days.
The developments in the first 5 months of 2024 have partly shown us the breaking of historical records of gold prices. In that situation, the State Bank organized the 9th SJC gold bar auction on May 23, 2024, with a total volume of about 16,800 taels. The State Bank's gold bar auction aims to promptly intervene in the current situation of domestic gold bar prices increasing, surpassing world gold prices, helping the gold market to operate stably again in accordance with the direction of the Prime Minister .
Normally, the price of gold in Vietnam will move in the same direction as the world gold price. According to the data updated by financial advisor JasFX as of June 6, the USD index in the international market is currently at 105.24 points, up 0.1% compared to the same period last month. At the same time, information from the Central Bank of China stopping buying gold or the US employment report showing that the number of new jobs created exceeded the forecast also significantly affected the price of gold, investors began to worry about the price increase cycle.
Most of the conditions and context of the world situation are "important impacts" making Vietnam's gold price very likely to be less optimistic in the session next week.
On the other hand, when the stock market is volatile, investors will also tend to switch to buying gold, a safe transaction to protect themselves from inflation and economic recession. Financial advisor JasFX, has made an optimistic prediction about the price of gold, saying that the price will reach the target of 2,350 USD/ounce by the end of 2024.
Source: https://diaoc.nld.com.vn/cung-chuyen-gia-tai-chinh-jasfx-phan-tich-ve-du-bao-gia-vang-cho-nam-2024-196240614174008939.htm
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