World gold was sold off violently during the Lunar New Year holiday

Gold experienced a fierce sell-off that caused the price of gold to fall to just under $2,020 per ounce, as major markets in Asia closed for the Lunar New Year holiday, making investors nervous.

Gold price today February 13: World gold is sold off violently

In New York’s financial center, gold experienced a fierce sell-off, falling to just under 2,020 USD/ounce. This important event took place when major markets in Asia were closed for the Lunar New Year holiday, making investors nervous. Precious metals’ precarious position is largely due to the opportunity cost of holding non-yielding assets like gold, which will escalate if inflation remains high.

Evolution of world gold prices. Source: Tradingeconomics

The upcoming release of US Consumer Price Index (CPI) data for January has sent the gold market into a tailspin. If inflation remains elevated, the opportunity cost of holding non-yielding assets such as gold will increase, potentially causing the next wave of selling. The Federal Reserve’s hawkish stance on interest rates and inflation data are two important factors impacting the price movements of precious metals.

Historically, gold has been a safe haven asset, often sought after during times of economic uncertainty. However, with the prospect of higher interest rates, investors may be tempted to shift their focus to yield-producing assets, putting further pressure on gold prices.

According to precious metals analysts at Heraeus, the lack of clear drivers will keep gold prices hovering near $2,000. Heraeus is also closely monitoring China’s physical gold market and sees that buyers in the world’s largest precious metals market appear to be changing their strategies: “Gold trading volumes and gold withdrawals from the Shanghai Gold Exchange in January was the largest since January 2016. This activity, as noted earlier, could be due to wholesalers stocking up ahead of the Lunar New Year holiday. Historically, spikes in withdrawals and retail demand have often coincided with drops in gold prices.”

From a technical perspective, gold prices are hovering near a Symmetrical Triangle chart pattern, with the 50-day Exponential Moving Average (EMA) at $2,023. This index suggests that gold prices may be about to reverse trend, potentially testing lower support levels.

Market participants are closely watching the US CPI data as it is expected to influence the Federal Reserve’s view on interest rates. If data shows a bearish dollar and rate cut bets increase, gold prices could get a boost, which could rise to $2,500 by 2025.

As the financial world awaits the all-important US CPI data, gold prices are in the balance, caught between the forces of inflation, interest rates and market expectations. The coming days will certainly be a testament to the precious metal’s resilience as well as its long-term role in the global economy.

Gold price today February 13: Domestic gold is unchanged

Domestic gold prices are still standing still during the Lunar New Year holiday, specifically as follows:

SJC gold price in Hanoi and Da Nang area is at 76.7 million VND/tael purchased and 78.92 million VND/tael sold. In Ho Chi Minh City, SJC gold is still buying at the same level as in Hanoi and Da Nang but selling is 20,000 VND lower.

SJC gold bar price is being listed by Phu Quy at 76.65 million VND/tael purchased and 78.9 million VND/tael sold.

Meanwhile, SJC gold is being bought by PNJ at 76.7 million VND/tael and sold at 78.9 million VND/tael.

DOJI listed gold bar prices at 76.55 million VND/tael purchased and 78.85 million VND/tael sold.

Meanwhile, Bao Tin Minh Chau is listing the buying and selling prices of SJC gold at 76.75 million VND/tael and 78.85 million VND/tael, respectively.

The difference between domestic and world gold prices is about nearly 19 million VND.

Gold price today February 13: World gold was sold off fiercely during the Lunar New Year holiday - Photo 2.

Domestic SJC gold price developments. Source:

Unit: x1000 VND/tael

Area System Buy into Sold out
City. Ho Chi Minh SJC 76.700 78.900
PNJ 72.500 75.200
Mi Hong 77.500 78.500
Hanoi SJC 76.700 78.920
PNJ 72.500 75.200
Bao Tin Minh Chau 76.550 78.650
wealth 74.050 76.500
Danang SJC 76.700 78.920
PNJ 72.500 75.200
Nha Trang SJC 76.700 78.920
Ca Mau SJC 76.700 78.920
Hue SJC 76.670 78.920
Bien Hoa SJC 76.700 78.900
West SJC 76.700 78.900
Quang Ngai SJC 76.700 78.900
Bac Lieu SJC 76.700 78.920
Ha Long SJC 76.680 78.920
West PNJ 72.100 75.100
Ben tre Mi Hong 77.500 78.500
Tien Giang Mi Hong 77.500 78.500
Updated at 07:40:22 February 13, 2024

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