World gold price increased for 2 consecutive weeks

Inflation and geopolitical risks prompted investors to seek refuge, driving gold prices up nearly 1% this week.

Closing session 21/1, per ounce yellow The world spot market fell 3.8 USD to 1,835 USD. However, for the whole week, gold still gained 0.8%.

Silver price yesterday fell 0.6% to 24.28 USD. However, the precious metal also recorded its best week since May 2021, with a total gain of 5.8%.

World gold price movements in recent sessions.

“There has been an increase in haven demand in the gold market this week,” said Bob Haberkorn, senior market analyst at RJO Futures. The reason is inflation concerns and the possibility that the US and Europe will increase sanctions if Russia attacks Ukraine.

The market is now focused on next week’s policy meeting of the US Federal Reserve (Fed). Economists polled by Reuters expect the Fed to tighten policy at a faster pace to rein in high inflation.

However, Suki Cooper, an analyst at Standard Chartered, thinks that gold’s uptrend may be difficult to sustain. Rising interest rates will make gold less attractive. He thinks the average price this year is about $1,783.

Above US stock market, Nasdaq Composite yesterday fell 2.7%, bringing the whole week’s decline to 7.6% – the worst since October 2020. The S&P 500 fell 1.9% to 4,397 points. DJIA lost 450 points to 34,266.

Both the DJIA and the S&P 500 recorded their third consecutive weekly decline and their worst week since 2020. The S&P 500 alone has lost 8% from its peak.

Netflix stock fell as much as 21.8% yesterday as last quarter’s financial report showed a drop in subscriber growth. Other tech stocks also fell. Tesla lost 5.3%. Amazon and Meta Platforms fell 6% and 4.2%, respectively.

Ha Thu (according to CNBC, Reuters)


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