Gold price today April 12: High demand for shelter pushes gold prices to continue going up

 Both domestic and world gold prices were adjusted up in today's session.

At 8:45 a.m. this morning, April 12, according to Vietnam time, the world gold price stood at $1,953 per ounce, up $9 per ounce over the same hour last morning. Yesterday, there was a time when the precious metal price spiked to a 4-week peak at $1,970/ounce and then turned back to fall deeply.

Gold price increased sharply due to fears of worsening inflation in the near future, however, the price level did not hold for long due to profit-taking pressure from investors. However, in technical term, a recovery above the important level of $1,950 an ounce is a strong signal for the market to continue to grow.

The protracted Russian-Ukrainian conflict and the sanctions being imposed on Russia will create ever-greater consequences for the global economic outlook.

In addition, inflationary pressure is getting bigger and bigger as the cost of energy, raw materials and goods... are on the rise, creating barriers to slow down or even drag down the prospect of global economic recovery.

All of these factors suggest that a global recession will come sooner than expected, driving demand for safe-haven assets to increase. Therefore, experts predict that the price of gold will continue to increase in the near future.

US bank Goldman Sachs expects that the price of ounces of gold will exceed $2,500 this year. According to Goldman Sachs, keeping gold in a portfolio can be a good hedge when inflation is high and the Fed starts to raise interest rates.

Technically, the bulls still have the overall near-term technical advantage with the goal of bringing gold prices to solid resistance at $2,000 an ounce. Gold bears' objective is to push futures prices below solid technical support at the March low of $1,893.2 an ounce.

Gold price today is adjusted up

In the domestic market, at the opening session of this morning, Saigon Jewelry Company listed the price of SJC gold buying and selling at 68.95-69.62 million VND/tael, up 300,000 VND/tael. bought in and 150,000 VND/tael sold in the afternoon compared to yesterday's closing.

Gold Doji listed gold price at 68.85-69.5 million dong/tael, up 250,000 dong/tael in buying and 100,000 dong/tael in selling compared to the last session.

Phu Quy SJC listed the gold price at 68.9-69.55 million dong/tael, an increase of 200,000 dong/tael in buying and 100,000 dong/tael in selling compared to the close of the previous session.

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