The world gold price at one point dropped to 3,205 USD/ounce, creating an opportunity for investors to buy strongly.
Global gold prices experienced a volatile trading session as the Chinese market – an important driver of gold prices – was closed for a five-day holiday. The absence of demand from China left gold prices vulnerable, especially when fluctuating around the support level of $3,200/ounce.
However, analysts say long-term demand for gold remains strong due to geopolitical and economic factors. The US Federal Reserve is expected to cut interest rates amid slowing economic growth. Low interest rates reduce the opportunity cost of holding gold, boosting the appeal of the precious metal.
On the other hand, central banks around the world continue to buy gold to diversify their reserves and hedge against geopolitical risks. The World Gold Council forecasts that this demand will remain stable amid increasing global uncertainty.
Therefore, in the trading session last night, when the gold price dropped sharply to 3,205 USD/ounce, it created an opportunity for investors to buy strongly. Thanks to that, by 6:00 a.m. on May 2, the gold price today on the world market recovered, reaching 3,238 USD/ounce.
In Vietnam, as of the end of May 1, the listed price of SJC gold was 121.3 million VND/tael (selling price), while the price of gold rings reached 116.5 million VND/tael.
Source: https://nld.com.vn/gia-vang-hom-nay-2-5-lao-doc-roi-bat-tang-tro-lai-196250502065446909.htm
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