Gold price continues to heat up today
International gold prices heat up
As of 6:00 a.m. on August 6 (Vietnam time), the price of gold today on the international market reached 3,380 USD/ounce, up 30 USD compared to the lowest level in the trading session last night (3,350 USD/ounce). The price of gold for December delivery also increased by 16.9 USD, closing at 3,443 USD.
The rise in gold and silver prices was driven by the bargain-hunting mentality of speculators. After the gold price had a slight decline in the morning, buy orders were quickly activated, taking advantage of the low price. At the same time, the falling USD also created favorable conditions for gold buying.
US stocks plunge, gold prices soar
The U.S. stock market has been under intense selling pressure, boosting safe-haven assets like gold. According to Bloomberg, forecasters from leading Wall Street financial institutions such as Morgan Stanley, Deutsche Bank AG, and Evercore ISI have warned of a near-term correction risk for the S&P 500 Index of as much as 15%. These forecasts were made as the U.S. stock market hit a record high last week and economic data was weak.
Another factor that also encouraged investors to put capital into gold was the latest Central Bank report from the World Gold Council (WGC), which showed that demand for gold bullion from countries remained stable.
“Central banks bought a net 22 tonnes of gold in June. Gold demand from some countries increased slightly compared to the previous month,” said Krishan Gopaul, an analyst at the WGC.
Some analysts say the volatility in global stock markets, combined with a weaker US dollar and stable bond yields, is creating a favorable environment for gold prices. Investors are expected to continue to seek gold as a safe haven amid the global economic uncertainty.
In Vietnam, at the end of August 5, SJC gold was sold at 123.8 million VND/tael, while ring gold was at 119.3 million VND/tael.
Source: https://nld.com.vn/gia-vang-hom-nay-6-8-tang-manh-khi-co-phieu-quoc-te-bi-ban-thao-19625080606332627.htm
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