Gold price in the morning of December 18 in the country decreased slightly but still far from the world.
On the morning of December 18, the domestic gold price went down when the world could not keep the level of 1,800 USD/ounce.
Specifically, Saigon Jewelry Company - SJC increased by 50,000 VND compared to the end of yesterday, bringing the buying price to 61 million VND/tael and selling 61.7 million VND/tael, down 50,000 VND compared to yesterday.
Domestic gold price is still higher than the world by nearly 12 million VND/tael. Peach Ngoc Thach
On the world market, gold price closed at the end of the week at 1,799.2 USD/ounce, up slightly by 1 USD compared to yesterday.
Converting at the exchange rate of Vietcombank (HM:VCB), world gold is equivalent to 50 million VND/tael (excluding taxes and fees). Thus, each tael of SJC gold is still higher than the world by 11.7 million dong/tael.
In the last session of the week, gold price surpassed the important level of 1,800 USD/ounce as worries about the increased Omicron variation and escalating inflation spurred investors to pour into safe assets. The uptrend maintained despite the inflow of money into the USD, which is also considered a safe-haven asset in times of geopolitical uncertainty.
But then the precious metal cooled down and lost the $1,800 mark an ounce because normally, a strong dollar would reduce the attractiveness of gold to buyers in other currencies. According to Saxo Bank analyst Ole Hansen, the outlook for gold in 2022 remains bleak with most forecasts for the precious metal falling on expectations of higher real yields.
When investors flocked to USD and gold, stocks were sold strongly. Closing the session on December 17 (the morning of December 18, Vietnam time), the US stock market plunged when investors were concerned about tight monetary policy and the rapidly spreading Covid-19 pandemic.
Closing the session, the Dow Jones Industrial Average fell 532.2 points, or 1.48%, to 35,365.44 points; The S&P 500 index fell 1.03% and ended at 4,620.64 points. The Nasdaq Composite alone traded in the green at times but then closed down 0.07% to 15,169.68 points...
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