Domestic gold price
Closing the session on April 23, the price of 9 gold bars at SJC Ho Chi Minh City was 9999 million dong/tael (buying in) and 68,45 million dong/tael (sold out). SJC Hanoi listed at 69,15 million dong/tael (buying in) and 68,45 million dong/tael (sold out).
Doji Hanoi listed at 68,25 million dong/tael (buy in) and 69,15 million dong/tael (sold out). Doji Ho Chi Minh City bought SJC gold at 68,3 million dong/tael, sold at 69,1 million dong/tael.
International gold price
On the world market, spot gold price on Kitco closed the last trading session of the week at 1.924 USD/ounce.
The focus of the gold market last week was the US Federal Reserve (Fed)'s decision to keep interest rates unchanged at this meeting, but still signaled that interest rates could increase one more time before the end of the year.
Chairman Jerome Powell's statements were not unexpected by analysts. Mr. Powell said that the Fed's monetary tightening moves are on the right track in the fight against inflation.
The DXY index (which measures the greenback's fluctuations against 6 major world currencies) traded at 105,4 points. After the press conference, the gold price dropped sharply to 1.926 USD/ounce.
Some other factors affecting gold include the Bank of England (BOE) decision to keep the basic interest rate unchanged. This move ended the BOE's streak of 14 consecutive interest rate increases.
China's gold prices hit a record high last week, extending a months-long rally as consumers bought safe-haven assets to compensate for the yuan's depreciation.
Gold price forecast
Gold prices stabilized in the weekend session, but analysts predict that there will be fluctuations in the near future.
According to Reuters technical analyst Wang Tao, spot gold prices may retreat within a narrow range of 1.917-1.921 USD/ounce because this precious metal has not been able to break the resistance zone of 1.933-1.935 USD/ounce.
Expert Suki Cooper of Standard Chartered Bank assessed that precious metals are stuck. Gold prices will only increase again when interest rates in the US and globally will decrease and the USD will weaken.
