ANTD.VN - Although the price of gold decreased due to profit-taking pressure, the decline in gold prices was also limited thanks to the weakening of the USD in the world market.
The updated spot gold price on Kitco closed the trading session on October 23 (last night, Vietnam time) at 1,972.8 USD/ounce, nearly 9 USD lower than the opening price.
Domestically, after decreasing by about 250 - 300 thousand VND per tael in yesterday's session, gold prices continued to decrease today, but the decrease was somewhat more limited.
Specifically, SJC gold at Saigon Jewelry Company decreased by another 100 thousand VND per tael, listed early this morning at 70.00 - 70.72 million VND/tael. DOJI listed at 69.95 - 70.80 million VND/tael, equivalent to yesterday's closing price; Phu Quy 69.95 - 70.75 million VND/tael, down 50 thousand VND per tael; Bao Tin Minh Chau 70.02 - 70.68 million VND/tael...
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Weakening US dollar curbs gold price decline |
The decline in gold prices was mainly due to selling pressure, as investors took profits from the high prices achieved at the end of last week, and some people switched their portfolios after buying defensively at the end of last week and experiencing 2 weekends without any bad news on military and geopolitical issues.
The underlying fundamental factor that pushed gold higher last week, the heightened geopolitical tensions in the Middle East, did not abate over the weekend. However, there are still active international efforts to support and assist Palestinians not affiliated with Hamas as well as continued efforts to locate and free hostages.
Although gold prices failed to maintain their upward momentum, their decline was limited by the weakening of the US dollar. On the same day, the dollar lost 0.62%, or 65 points, bringing the USD Index down to 105.335 points, the lowest level in more than 10 days.
There are some important reports coming out this weekend that traders are starting to focus on. On Wednesday, the US new home sales report for September will be released.
On Thursday, the U.S. government will release a number of reports, starting with the latest GDP for the third quarter; a report on initial jobless claims for the period ending October 21; durable goods orders, retail inventories and wholesale inventories for September…
Friday will see the release of the latest PCE (personal consumption expenditures price index) for September.
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