From the beginning of the week until Wednesday, world gold prices fluctuated between $2,300 and $2,360 per ounce.
Then, late on Thursday, the upward momentum returned strongly. Spot gold prices reached a new all-time high above $2,400 per ounce as geopolitical tensions in many regions of the world tended to escalate.
The momentum continued into Friday's trading session as gold prices surged. On Friday alone, the daily chart showed significant volatility, with spot gold last trading at $2,344.38 per ounce, down 1.18% for the day but up 0.60% for the week.
Gold price movements today
Domestic gold prices
At 6:10 AM on April 14th, the price of DOJI gold was listed at 80.6 - 83.1 million VND/ounce (buy - sell), a decrease of 1.1 million VND/ounce in the buying price and a decrease of 600,000 VND/ounce in the selling price compared to the closing price of the previous trading session. The difference between the buying and selling price of DOJI gold is currently 2.5 million VND/ounce.
The SJC gold price was listed at 80.6 - 83.1 million VND/ounce (buy - sell), a decrease of 600,000 VND/ounce in both buying and selling prices compared to the opening of the previous trading session. (Illustrative image: Minh Duc).
At the same time, the price of SJC gold was listed at 80.6 - 83.1 million VND/ounce (buy - sell), a decrease of 600,000 VND/ounce in both buying and selling prices compared to the opening of the previous trading session. The difference between the buying and selling price of SJC gold was also 2.5 million VND/ounce.
International gold prices
By late afternoon on April 13th (Vietnam time), the spot gold price on the Kitco exchange was at $2,342.9 USD/oz, unchanged from the beginning of the day.
Converting the world gold price using the foreign exchange rate at Vietcombank on April 13th: 1 USD = 25,180 VND, the world gold price is equivalent to 71.07 million VND/ounce, which is 12.03 million VND/ounce lower than the selling price of SJC gold at the same time.
Gold price forecast
Kitco News' latest weekly gold survey shows that experts have a very positive outlook on the precious metal.
This week, 12 Wall Street analysts participated in Kitco News' Gold Survey. Nine experts (equivalent to 83%) predicted even higher gold prices next week. The remaining two analysts, representing 17%, predicted a decline. None predicted prices would remain at current levels.
Meanwhile, 168 votes were cast in Kitco's online poll. 111 retail traders (66%) expect gold to rise next week. Another 30 (18%) predict lower prices, while 27 respondents (16%) believe the precious metal will trend sideways.
Philip Newman, Director of Metals Focus, said gold investors should take some profits. The market may correct after the unprecedented record price surge. “Investors don’t want a sharp drop in gold prices, but I think a short-term correction is likely,” he said.
Christopher Vecchio, head of futures and foreign exchange strategy at Tastylive, said that while he likes gold, he is not chasing the market at the current price.
“The Fed’s next move will be to cut interest rates despite solid economic growth and persistent inflation. This would push real yields higher and create a positive environment for gold,” said Christopher Vecchio.
Gold prices could continue to set new records as the market begins to assess the possibility of a US interest rate cut in June after March inflation was higher than expected.
Goldman Sachs has raised its gold price forecast for the end of this year from $2,300 to $2,700 per ounce.
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