Gold prices today, April 14, on the world market cooled down in the weekend session after going up vertically. Domestic gold price dropped to 83 million VND/tael.
Domestic gold price
Closing the session on April 13, the price of 9999 gold bars at SJC Ho Chi Minh City was 80.6 million VND/tael (buying) and 83.1 million VND/tael (selling).
DOJI Hanoi listed at 80.6 million VND/tael (buy) and 83.1 million VND/tael (sell). DOJI Ho Chi Minh City bought SJC gold at 80.6 million VND/tael, sold it at 83.2 million VND/tael.
International gold price
Gold price on Kitco closed the weekend session at 2,342 USD/ounce. June gold futures price closed at 2,355.6 USD/ounce, up 0.4% compared to last Friday.
Domestic gold prices decreased at the end of the week. Photo: Chi Hieu
During the weekend trading session, gold prices at one point increased more than 4% during the day, reaching 2,448.8 USD/ounce. However, precious metals could not maintain their upward momentum and turned down. According to analysts, gold prices tend to stabilize after increasing sharply in recent times.
According to the CME Fed Watch Tool, the market sees just a 27% chance of a rate cut in June, down from an assessment of 50% last week and 68% a month ago. Analysts note that although the US Federal Reserve (Fed) may delay the start of the easing cycle, it is unlikely to raise interest rates again. This means real interest rates could still fall, a positive environment for gold.
In addition, geopolitical instability in the world, the purchasing needs of central banks of countries, etc. also affect gold prices. Gold prices increased for 4 consecutive weeks. Since the beginning of the year, world gold prices have increased by more than 13%.
Naeem Aslam, Chief Investment Officer at Zaye Capital Markets, said gold’s upward momentum is still strong but investors should not be greedy. He believes that taking profits at this time is wise.
Gold price forecast
Philip Newman, Director of Metals Focus, said gold investors should take some profits. The market may correct after an unprecedented record price increase. “Investors do not want gold prices to fall sharply, but I think the market will have a short-term adjustment, which is reasonable,” he said.
Christopher Vecchio, Head of Futures and FX Strategy at Tastylive, said that while he likes gold, he is not following the market at current prices. He is looking to buy when the price drops.
“The Fed’s next move will be to cut interest rates despite solid economic growth and persistent inflation,” he said. This will drive real yields higher and be a positive environment for gold.”
Gold prices may continue to set new records in the context that the market begins to evaluate the possibility of cutting US interest rates in June after March inflation was higher than expected.
Goldman Sachs bank raised its gold price forecast by the end of this year from 2,300 to 2,700 USD/ounce.