Domestic gold continued to increase strongly for the second consecu
tive session, while the world gold price rose sharply last night.
At 7:00 am on January 26, according to Vietnam time, the world gold price traded at 1,849 USD/ounce, up 9 USD/ounce compared to the same hour last morning.
Based on the bank's USD price, excluding taxes and fees, the world spot gold price is 51.20 million dong/tael, about 11.35 million dong/tael lower than the domestic SJC gold price.
Last night, the world gold price rose sharply when the US mayor just opened. The price of precious metals has bounced off the $1,840 threshold and crossed the $1,850 level. At its peak, at 10pm last night in Vietnam time, the world gold price increased by 8.1 USD (0.44%) to 1,852.30 USD/ounce.
The focus of the market right now is the meeting of the Federal Reserve's Open Market Committee (FOMC) that started Tuesday morning and ended Wednesday afternoon local time with a statement. announcement and press conference from Fed Chairman Jerome Powell. The Fed is expected to raise interest rates at the FOMC meeting in March.
Regarding the short-term trend, gold is forecasted to continue to increase when the forecast for global economic growth declines, the US may announce an increase in basic interest rates, the international stock market weakens, investors hold gold to preserve capital.
Specifically, the International Monetary Fund (IMF) forecasts that global economic growth in 2022 will only reach 4.4%, down 0.5 percentage points compared to the previous forecast. The main reasons are the increasing number of Covid-19 cases, commodity supply chain disruptions and rising inflation.
Another development is that the military and political tensions between Russia and Ukraine are increasingly escalating. Especially when the US and many European countries move to provide military support if Ukraine is attacked. Accordingly, many financial institutions have increased the need for shelter in gold.
