What will happen to gold prices next week?

Gold prices have increased too much over the past two months - Photo: THANH HIEP

Domestic gold price evaporates 3 million VND/tael compared to peak

Converted according to the exchange rate listed at the bank, the world gold price is equivalent to 93.92 million VND/tael.

The price of SJC gold bars at the end of the week was at 97.4 million VND/tael, down 300,000 VND/tael compared to March 21 and down 3 million VND/tael compared to the peak.

The buying price is 94.4 million VND/tael. The difference between buying and selling prices is up to 3 million VND/tael.

Meanwhile, the price of 9999 gold rings at SJC Company fell to 97 million VND/tael, down 3.3 million VND/tael from the peak, while the buying price was at 94.3 million VND/tael.

At PNJ Company, the selling price of gold rings decreased to 98.3 million VND/tael, buying price was 95.7 million VND/tael.

At Bao Tin Minh Chau Company, the price of gold rings also reached 98.5 million VND/tael, buying at 95.8 million VND/tael.

Compared to the converted world gold price, the domestic gold price is 3.48 million VND/tael higher.

Buying gold now has the potential to temporarily hit the peak.

Speaking to Tuoi Tre Online , expert Tran Duy Phuong said that the recent surge in gold prices was due to tariff tensions and investors’ concerns about a trade war that would destabilize the global economy. This has pushed world gold prices up continuously over the past two months.

However, the possibility that tensions will ease in the coming time after dialogues, tariff barriers will be removed and interest rate cuts will end will be a disadvantage for gold prices.

Last weekend, the world gold price plummeted due to investors taking profits. However, if the above forecasts come true, the world gold price could fall by up to 200 USD/ounce, causing the domestic gold price to fall by about 5 million VND/tael compared to the current price.

Not to mention that at that time the difference between domestic and world gold prices will decrease, at that time the domestic gold price may decrease to 89-90 million VND/tael.

For those who intend to buy gold at this time, expert Tran Duy Phuong said it is quite risky because buying gold at this time has the possibility of temporarily peaking for a few months before there is any hope of escaping. Therefore, consider the appropriate time.

In the short term, there are many different forecasts. Expert Tran Duy Phuong said that next week falls at the end of the month and the end of the quarter, and investment funds are likely to take profits, so the world gold price will be under pressure to decrease.

However, according to Kitco's survey results, 39% believe gold prices will continue to increase, 28% predict prices will decrease, and the rest believe gold prices will remain stable.

An online survey on Main Street found that 59% expected gold prices to rise, 22% said they would fall and the rest said they would move sideways next week.

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