Gold price today April 16: Continues to increase strongly to a new record

Concerns about escalating trade tensions and slowing global economic growth due to US President Donald Trump's tax plans have investors flocking to gold as a safe haven.

UBS analyst Giovanni Staunovo said the current environment is still favorable for gold prices to rise. However, Staunovo said the path to new highs for the precious metal will not be smooth. In the short term, gold may face some obstacles.

Gold prices hit new highs. (Photo: Kitco).

Traders are waiting for the next big fundamental development to boost the gold market, but safe-haven demand remains for now, according to Kitco Metals senior analyst Jim Wyckoff.

Gold price movements today

+ Domestic gold price

At 6:00 a.m. on April 15, the price of gold bars at Doji and SJC was listed at 105.5 - 108 million VND/tael (buy - sell), an increase of 500,000 VND/tael (buy - sell) compared to early this morning.

Meanwhile, the price of gold rings is currently listed by Doji at 103.2 - 106.5 million VND/tael (buy - sell), an increase of 1.5 million VND/tael compared to early this morning.

+ International gold price

The world gold price listed on Kitco is at 3,240 USD/ounce, up 30 USD/ounce compared to late yesterday afternoon. Gold futures last traded at 3,241 USD/ounce.

Gold Price Forecast

Tensions in the Middle East and elsewhere continue to rise, boosting safe-haven demand for gold. The conflict in Ukraine remains unpredictable as U.S. President Donald Trump and his top advisers disagree on whether Moscow is serious about reaching a peaceful resolution. Russia and Ukraine have recently accused each other of violating the ceasefire.

In addition, buying power from central banks and ETFs remains strong, continuing to support gold prices.

However, gold prices are at a very high level, having increased by one and a half times in the past year, so profit-taking pressure is constant, causing gold to witness short-term corrections.

Technically, gold faces strong resistance at $3,300/ounce. Strong technical support is at $3,100/ounce. The nearest support is at $3,208/ounce (weekly low).

According to Ngoc Vy (VTC News)

Source: https://baogialai.com.vn/gia-vang-hom-nay-164-tiep-tuc-tang-manh-len-ky-luc-moi-post319108.html