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Gold price today March 15: Plunging, long-term maybe 100 million dong

Gold price today on March 15 in the international market continued to decline in the context of the Russia-Ukraine war having an exit and the dollar rising violently before the time the Fed raised interest rates. The domestic gold price fell rapidly, but the difference was huge.

Domestic gold price

Up to 14:42′ on March 15, the price of gold 9999 of SJC decreased by 300 thousand dong in the buying afternoon and decreased by 200 thousand dong in the selling afternoon compared to the morning. Specifically, the gold price of 9999 was traded by Doji Jewelry Group and SJC as follows:

Buy intoSold out
SJC Hanoi66.6 million VND/tael67.92 million VND/tael
SJC HCMC66.6 million VND/tael67.90 million VND/tael
Doji Hanoi66.40 million VND/tael67.80 million VND/tael
Doji Ho Chi Minh City66 million VND/tael68 million VND/tael

SJC and DOJI gold price list updated at 14:42′ on March 15

Market opening on March 15, SJC’s gold price of 9999 today in Hanoi decreased by 800 thousand dong in the buying afternoon and 1.3 million dong/tael in the selling afternoon compared to the end of yesterday’s session. Specifically, at 9:25 am on March 15, 9999 gold was traded by Doji Jewelry Group and SJC as follows:

Buy intoSold out
SJC Hanoi66.90 million VND/tael68.12 million VND/tael
SJC HCMC66.90 million VND/tael68.10 million VND/tael
Doji Hanoi66.70 million VND/tael67.90 million VND/tael
Doji Ho Chi Minh City66.50 million VND/tael68 million VND/tael

SJC and DOJI gold price list updated at 9:25 am on March 15

End of trading session on March 14, gold price 9999 The domestic market is listed by SJC and Doji Jewelry Group in the order of buying and selling as follows:

SJC Hanoi: 67.70 million VND/tael – 69.42 million VND/tael

SJC HCMC: 67.00 million VND/tael – 69.00 million VND/tael

Doji Hanoi: 67.00 million VND/tael – 68.80 million VND/tael

Doji Ho Chi Minh City: 68.00 million VND/tael – 70.50 million VND/tael

International gold price

At 9:33 am today (March 15, Vietnam time), the world spot gold price stood around the threshold of 1,944 USD/ounce, down 13 USD/ounce compared to last night. Gold futures for April delivery on the Comex New York exchange were at $1,946 per ounce, down $12 per ounce compared to last night.

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World gold price movement

On the night of March 14 (Vietnam time), the world spot gold price stood around the threshold of 1,957 USD/ounce. Gold for April delivery on the Comex New York exchange was at $1,958 per ounce.

The world gold price on the night of March 14 was about 3.3% higher (US$62/ounce) than at the beginning of 2021. World gold converted to bank dollars was priced at 55.4 million VND/tael, excluding tax. and fees, about 14.6 million dong/tael lower than the domestic gold price as of late afternoon session 14/3.

Gold prices in the international market continued to decline in the context of Russian-Ukrainian war there was a way out and the dollar rose violently before the time when the US Federal Reserve (Fed) raised interest rates. The domestic gold price fell rapidly, but the difference with the world price was very large.

Gold price today March 15: Plunging, long-term maybe 100 million dong
Gold plunges, long-term price can increase to 100 million dong/tael.

Gold fell due to the Russia-Ukraine crisis with some positive developments.

Gold’s price fell because the commodity closely related to gold, oil, fell. Oil prices crude oil gradually returned to the threshold of USD 100/barrel (from the peak of USD 140 last week) thanks to positive signs from the Russia-Ukraine negotiations. Investors rekindled hopes from the round of negotiations between Russia and Ukraine, while the city of Shenzhen – China’s technology hub imposed a large-scale blockade due to COVID-19.

The focus of the fourth round of negotiations between Russia and Ukraine is to achieve a ceasefire, troop withdrawal and security guarantees for Ukraine.

Currently, investors are turning their attention to the Fed meeting when inflation increases sharply and the risk of stagnation looms. The market waits to see what the Fed’s stance will be, whether it will remain hawkish or more modest.

Domestic gold price dropped rapidly, from a peak of 74.4 million dong/tael last week, gold has now dropped to 69 million dong/tael. If buying at the peak and selling at the moment, people can lose up to 7 million dong/tael.

Gold price forecast

On the other hand, investors around the world are still looking to gold more and more in the context of Russia’s attack on Ukraine, which has pushed up the prices of a variety of goods, from oil to gas to flour. record high. Inflation is on the rise in many parts of the world. Inflation in the US spiked to 7.9% in February, the highest level in 40 years.

Gold remains a safe investment channel when wars and crises occur.

According to the World Gold Council (WGC), gold demand continues to grow. In 2021, the world saw gold demand skyrocket to its highest level in nearly a decade.

A representative of Forbes & Manhattan predicts that the gold price cycle will continue to increase and gold may reach $4,000/ounce in the next 4-5 years, equivalent to about VND110 million/tael.

V. Minh

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