(PLO)- Within two days, the price of gold lost nearly 3 million dong.
In this morning session (February 4), the market was stunned by the collapse of gold prices. Accordingly, the world gold price dropped sharply to 1,862 USD/ounce, equivalent to 53.1 million VND/tael. Compared to yesterday, gold lost 1.4 million dong.
Compared to February 2, the time when the gold price rose the most in the past 9 months when climbing to $ 1,956/ounce, equivalent to 55.8 million dong/tael, gold lost 2.7 million dong/tael. .
According to analysts, the gold price collapsed because of the strong growth of US jobs report with more than 500,000 jobs created in January 2023, almost double compared to December 2022. Meanwhile, the unemployment rate fell to 3.4%, the lowest level since 1969.
With these positive signals, the market is worried that the US Federal Reserve (Fed) will continue to sharply increase interest rates. At the same time, the USD and bond yields are currently being pushed up. These factors caused gold to drop dramatically this morning.
Mr. Everett Millman, gold expert at Gainesville Coins, said that the Fed’s rate hike will be more difficult to predict in March. Because Fed Chairman Jerome Powell has warned of further tightening of monetary policy. Therefore, gold can continue to maintain the price zone of 1,800 USD/ounce for a long time.
Today (February 4), the domestic gold price also dropped sharply in line with the world gold decline. PNJ gold fell by 1.2 million dong, down to 54.7 million dong/tael. SJC gold also decreased by 300,000 VND to 67.4 million VND.
Positive signals support Vietnamese stocks
(PLO)- The bright spot of Vietnam’s economy in the next 3-5 years and the prospect of upgrading the stock market will be an important driving force to attract investors’ cash flow.
PHUONG MINH
According to Synthesis
