Gold prices are about to reach $1.800 per ounce.

At 6:30 this morning, the world gold price was trading around $1.795 per ounce, up $09 per ounce compared to the beginning of yesterday morning. During the session, the gold price reached a high of $1.799 per ounce.

The spot price of gold in the global market is hovering around $1.794 per ounce. Gold futures for August 2020 on the Comex New York exchange are at $1.807 per ounce.

Gold prices rose amid concerns that a rapid increase in the number of cases in the US could dampen hopes for a faster recovery of the world's largest economy, thereby driving money into safe-haven assets like gold.

According to forecasts from the Congressional Budget Office (CBO), it could take the United States a decade to recover its economy from the consequences of the COVID-19 pandemic.

In a new analysis, the CBO warns that the pandemic will reduce cumulative economic output over the next 10 years, equivalent to 3% of GDP this decade. Excluding inflation, the total loss is $15,7 trillion, equivalent to 5,3% of GDP.

Gold prices also rose sharply due to many forecasts suggesting that China's economic recovery may be weaker in the second half of 2020 after its economy rebounded strongly from early-year lows.

China has clearly emerged from the COVID-19 pandemic quickly. Figures in recent months show its economy recovering rapidly. However, the outlook for the future is less clear.

Domestic gold prices, at the close of trading on July 7th, were listed by DOJI Gold and Gemstone Group at: 49,80 million VND/ounce (buying price) and 50,05 million VND/ounce (selling price).

Saigon Jewelry Company listed SJC gold at: 49,70 million VND/ounce (buying price) and 50,17 million VND/ounce (selling price).