Gold price today March 16: Gold collapsed, down 54 million dong/tael

Gold price today on March 16 in the international market continued to plunge, the price converted to the threshold of 54 million VND/tael. Money flows back to risk assets when there are positive signals about peace talks between Ukraine and Russia.

Domestic gold price

Up to 14:42′ on March 16, the price of 9999 gold of SJC decreased by 100 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:

Gold price list SJC and DOJI updated at 14:42′ on March 16

Market opening on March 16, SJC’s gold price of 9999 in Hanoi today increased by 400 thousand dong in the buying afternoon and selling in the selling afternoon compared to the end of yesterday’s session. Specifically, at 9:22 am on March 16, 9999 gold was traded by Doji Jewelry Group and SJC as follows:

SJC and DOJI gold price list updated at 9:22 am on March 16

At the end of the trading session on March 15, the domestic gold price of 9999 was listed by SJC and Doji Jewelry Group in the order of buying and selling as follows:

SJC Hanoi: 66.60 million VND/tael – 67.92 million VND/tael

SJC HCMC: 66.60 million VND/tael – 67.90 million VND/tael

Doji Hanoi: 67.00 million VND/tael – 68.20 million VND/tael

Doji Ho Chi Minh City: 66.50 million VND/tael – 68.50 million VND/tael

International gold price

Until 9:25 am today (March 16, Vietnam time), the world spot gold price stood around the threshold of $1,922 per ounce, an increase of $2 per ounce compared to last night. Gold futures for April delivery on the Comex New York exchange were at $1,922.5 per ounce, up $1.50 per ounce compared to last night.

World gold price movement

On the night of March 15 (Vietnam time), the world spot gold price stood around the threshold of 1,920 USD/ounce. Gold for April delivery on the Comex New York exchange was at $1,921 per ounce.

World gold price The night of March 15th was about 1.3% higher ($25/ounce) than at the beginning of 2021. World gold converted to bank dollars was priced at VND54.4 million/tael, excluding taxes and fees, low. about 13.6 million dong/tael higher than the domestic gold price by the end of the afternoon session on March 15.

Gold price today March 16: Gold collapsed, down 54 million dong/tael

Gold price in the international market continued to plunge, the price converted to the threshold of 54 million VND/tael. Money flows back to risk assets when there are positive signals about peace talks between Ukraine and Russia.

Gold price fell mainly because the dollar was still hanging high, while many stock markets rose again. Investors are no longer too worried about the impact of Russian-Ukrainian war as well as catching the bottom of stocks to seek profit.

Gold’s price fell because the commodity closely related to gold, oil, fell sharply. Oil prices fell from a peak of 140 USD/barrel last week to 96 USD/barrel overnight on March 15 (Vietnam time).

The Ukrainian side said it had begun negotiations on a ceasefire, immediate withdrawal and security guarantees with Russia after both sides reported rare progress over the weekend.

The United States has called on China to use its influence with Russia to help end the conflict, and the United States has warned that there will be consequences if China supports the Kremlin.

Meanwhile, demand for petroleum products is expected to decrease as China closes many cities to prevent Covid-19 epidemic.

Investors are also waiting for the decision to raise interest rates of the US Federal Reserve (Fed) and policy signals after the meeting on March 16. The Fed is likely to raise the benchmark interest rate by 25 percentage points. This will be the first rate hike since March 2020.

Bond yields are rising. The 10-year bond yield has climbed above the 2.12% threshold, hitting its highest level since July 2019. This is a factor that has weighed on gold.

Gold price forecast

A representative of UBS Wealth Management said that the market is now less concerned about the situation in Ukraine. That sentiment has reduced support for safe-haven assets like gold.

In the short term, gold is under pressure of profit taking and stability returns to the world financial and commodity markets.

However, in the context of high inflation worldwide, gold is still a commodity that attracts cash flow.

According to the US Department of Labor, the Producer Price Index (PPI) continued to increase 0.8% in February after gaining 1% in January.

V. Minh