Gold price today: No sign of recovery yet

10/02/2023 11:00 Nhat Linh Print article

ANTD.VN - Gold prices this morning opened the first trading session of the week not very positively as they continued to fall after a week of fierce decline.

This morning, Saigon Jewelry Company (SJC) reduced the price of SJC gold bars by VND100,000 per tael compared to the last session of last week, down to VND68.15 - 68.87 million per tael.

Phu Quy kept the buying price unchanged, reduced the selling price by 50 thousand VND/tael, down to 68.10 - 68.85 million VND/tael; DOJI kept the price at 68.15 - 68.95 million VND/tael...

Meanwhile, the price of gold rings remained almost unchanged in the first session of the week, trading around 56.00 - 57.00 million VND/tael. However, with the sharp decline in the last sessions of the week, gold bars have decreased by about 1 million VND/tael in 1 week.

Giá vàng vẫn chưa có tín hiệu hồi phục ảnh 1

Gold prices still show no signs of recovery

However, domestic gold prices have reacted relatively weakly to world gold. In just the past week, world gold prices have "evaporated" about 4%, equivalent to a decrease of nearly 80 USD, the worst weekly decline since June 2021 and also caused gold to end the week at its lowest level in 6.5 months.

In the first session of the week, the precious metal continued to decline when opening in the Asian market and fell more than 4 USD per ounce as of 9:30 a.m. Vietnam time, trading around 1,844 USD/ounce.

Last week's sharp decline also marked the end of the precious metal's worst monthly decline since February this year. Meanwhile, gold prices have fallen 3.3% over the past three months.

The gold sell-off came as the yield on the 10-year US Treasury note rose to its highest level since October 2007, above 4.6%. Meanwhile, the US dollar index rose above 106 points, reaching its highest level since late November.

Gold has held up pretty well, experts say, but investors are now coming to terms with the fact that the Fed won't be cutting interest rates anytime soon.

Although gold prices have fallen significantly over the past week, some analysts predict that prices are likely to fall further, highlighting the year-to-date low of just above $1,800 an ounce as the next major target to watch.

The reason, according to some analysts, is that the gold sell-off has created a bearish technical signal when the 50-day moving average crosses below the 200-day moving average; this pattern is known as a “death cross”. History suggests that this is unlikely to be the last leg of the decline.

Source link