Gold prices today fluctuate in the context of the financial market becoming more and more confident that the US will soon reduce interest rates because inflation has cooled down.
As a result, US stocks heated up. The Dow Jones index increased 203 points, S&P 500 increased 33 points, Nasdaq increased 159 points. Accordingly, many people focus their capital on stocks, causing very little cash flow into precious metals.
On the other hand, a report by the Commodity Futures Trading Commission (CFTC-USA) showed that gold investment funds reduced their buying positions by 7,685 contracts, down to 132,924 contracts. These organizations also increased their selling positions from 6,235 contracts to 68,609 contracts, having a certain impact on the trend of gold prices today.
Faced with the above situation, speculators may be afraid of risks, so at times they aggressively sell to recover capital. At the same time, those who specialize in gold surfing also sell short, waiting for the price to decrease to buy back to enjoy the difference. Therefore, the world gold price last night sometimes dropped sharply from 1,985 USD/ounce to 1,965 USD/ounce.
At this price, those who were short-selling begin to buy. Today’s world gold price increased again and by 6 a.m. on November 21, it was trading at 1,977 USD/ounce, but still down 3 USD/ounce compared to the previous opening price of 1980 USD/ounce.
In Vietnam, SJC gold price at the end of November 20 traded at 70.85 million VND/tael – an increase of 100,000 VND/tael compared to the beginning price of 70.75 million VND/tael.