Gold price on the morning of October 31 closed the week in the country, increasing in the opposite direction with the downward trend of the world.
On the morning of October 31, the price of gold bars at the end of the week at Saigon Jewelry Company - SJC remained unchanged with a buying level of 57.75 million VND/tael and selling out at 58.45 million VND/tael. Compared to last week, each SJC gold bar has increased by 200,000 VND.
Domestic gold prices increased throughout this week. Photo: Ngoc Duong
Mr. Andrew Naylor, Managing Director for Asia-Pacific (excluding China) at the World Gold Council, said on October 29 that Vietnamese consumer demand for gold has halved.
In the third quarter of 2021 compared to the same period last year but will start to grow again, especially when from October 1 the blockade orders in the country are gradually lifted.
Kitco News' gold price survey next week has mixed results. Specifically, there are 13 analysts on Wall Street participating, up to 53.8% of them think that gold will decrease in price;
Gold consumption demand may continue to grow again not only in Vietnam but also in the world as the global economy begins to recover. The second factor that will affect gold prices is institutional demand for gold.
Currently, investors are concerned about interest rates having a negative impact on gold but considering the medium to long term, he expects institutional investors to start thinking more about inflation. inflation and gold is seen as an effective measure against inflation.
Another 30.8% think the precious metal will move sideways and the remaining 15.4% still believe that gold will rise.
In contrast, out of a total of 745 individual investors who took part in this week's online Main Street survey, 60.5% of them see gold going up; 22.5% of participants expect gold to fall and the remaining 17% think the precious metal is flat.
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