Gold prices skyrocket, is the "sale off" over?

ANTD.VN - Domestic gold prices continue to increase following the strong increase in world gold prices. Has the gold correction ended to begin an upward cycle?

This morning, both SJC gold and domestic gold rings continued to increase for the second consecutive session. Gold bars increased by 700 thousand VND per tael, to 81.70 - 84.70 million VND/tael. Previously, in yesterday's trading session, the price of this gold brand increased by 1 million VND/tael for buying and 500 thousand VND/tael for selling.

Similarly, gold rings also increased by about 400,000 - 700,000 VND per tael depending on the enterprise. Accordingly, SJC 999.9 rings are listed at 81.50 - 83.70 million VND/tael; Bao Tin Minh Chau plain round rings are 82.48 - 83.88 million VND/tael; DOJI 's Hung Thinh Vuong rings are 82.90 - 83.90 million VND/tael; Phu Quy round rings are 82.50 - 84.20 million VND/tael...

Gold prices rose for the second consecutive session.

Domestic gold prices increased following a strong recovery in the world market. Currently, international spot gold prices are trading around 2,620 USD/ounce, up more than 56 USD/ounce in the session, equivalent to an increase of 2.2%.

Gold prices have shown considerable strength, helped by a weaker US dollar and falling US Treasury yields. However, experts say it is actually bullish sentiment driving buying that has been the main contributor to the precious metal’s rise, accounting for nearly three-quarters of the gains.

The rally may have marked the end of a six-day correction that saw prices fall more than $26, hitting an intraday low of $2,541.50 an ounce last Thursday, according to some analysts.

Market sentiment got a significant boost from Goldman Sachs' ambitious forecast, which predicts gold prices will hit $3,000 an ounce next year.

The precious metal’s surge reflects broader macroeconomic concerns, including the potential for an escalation of the trade war under the Trump administration and ongoing geopolitical tensions in Ukraine and the Middle East. These factors previously helped gold reach a historic high of $2,800.

Source: https://www.anninhthudo.vn/gia-vang-vot-tang-dot-sale-off-lieu-da-ket-thuc-post595895.antd