Falling vertically, still predicted surprise

(NLDO) – Despite falling sharply at the end of the week, both analysts and experts predict that gold prices will continue to increase today.

At the end of the week, February 16, the price of SJC gold bars was listed by some businesses in Ho Chi Minh City at 87.3 million VND/tael for buying and 90.3 million VND/tael for selling, unchanged from the end of last week. However, last week, the market witnessed a sharp fluctuation in gold prices, with some days going up and down by a million VND/tael.

The record peak of gold bar price reached 93.1 million VND/tael on February 11, but just two days later, the gold price dropped sharply to 90.2 million VND/tael (selling price). The buying price dropped sharply to 86.7 million VND/tael.

Similarly, the price of 99.99 gold rings and jewelry gold also marked a busy trading week. The price of gold rings was listed by businesses at VND87.3 million/tael for buying and VND90.1 million/tael for selling, an increase of VND200,000/tael compared to the end of last week. The price of gold rings increased faster and fluctuated more strongly than gold bars, closely following the world price.

Domestic gold prices fluctuated strongly last week.

The demand for gold is not too sudden, but due to the strong fluctuations in the world gold price, the domestic gold price is constantly adjusted. Another notable development is that last week, there were many times when the difference between the domestic and world gold prices narrowed, at times the world gold price was less than 1 million VND/tael lower than SJC gold bars and gold rings - a record level in many years.

In the international market, the price of gold today closed the trading week at 2,883 USD/ounce, down about 50 USD/ounce after a vertical drop. Precious metals on the international market are under strong profit-taking pressure after many weeks of hot growth. Despite the "turnaround" and plummeting, both analysts and investors believe that today's gold price will continue to increase, according to Kitco's survey results on gold price trends next week.

Gold price reached its highest peak of 93.1 million VND/tael but only within 1 hour on the morning of February 11.

Specifically, in a survey on Wall Street, 14 analysts participated in the response, of which 71% said that gold prices will continue to increase, only 14% said that gold prices will decrease and the remaining 14% predicted that gold prices will remain stable.

Similarly, in an online survey on Main Street, 201 investors responded, of which 65% predicted gold prices to continue to rise, only 24% predicted gold prices to fall and the rest predicted gold prices to remain flat.

Analysts believe that the optimists are still in control of the market and gold prices may reach higher levels after the correction. The next level could be 3,000 USD/ounce with the upward trend still intact and strong. Inflation in the US has not cooled down; the impact of US tariff policies on other countries and concerns about a tense global trade war... will support gold prices to continue to increase.

However, some other analysts believe that gold prices need a short-term adjustment before continuing to rise. Currently, the world gold price converted according to the listed exchange rate is about 88.9 million VND/tael, only about 1 million VND/tael lower than SJC gold bars and gold rings.

Source: https://nld.com.vn/gia-vang-hom-nay-16-2-roi-thang-dung-van-duoc-du-bao-bat-ngo-19625021608444483.htm