Gold price increased slightly | VTV.VN

When gold price After the US Federal Reserve (FED) decided to raise interest rates for the first time in 2022, the domestic gold price in the morning of March 17 was adjusted slightly by some gold, silver and gem companies.

At the Hanoi market, at the open for trading, Phu Quy Jewelry Joint Stock Company listed the SJC gold price unchanged in the buying afternoon and increasing by 200,000 dong/tael in the selling afternoon compared to yesterday’s closing. level 67 – 68.4 million/tael (buy in – sell out).

At Doji Group Joint Stock Company, SJC gold price was listed at 67 – 68.4 million VND/tael (buy in – sell out), remained unchanged in the buying side and increased by 180,000 VND/tael in the selling side. compared to yesterday’s close.

On the world market at 7:30 am this morning (March 17), the spot gold price on Kitco was 1,927 USD/ounce. After the meeting of the US Federal Reserve (Fed), the gold price turned around and fell slightly as predicted by experts.

Accordingly, the Federal Open Market Committee (FOMC) announced it would raise the federal funds rate by 0.25% to a range of 0.25 – 0.5%. The interest rate increase was made after 3 years of the US lowering interest rates to near zero.

Gold’s price decline is also due to cash flow looking for opportunities in risky assets such as stocks. The US stock market has recently rebounded quite strongly. Rapidly rising US Treasury yields also put pressure on precious metals.

Gold price forecast

The pressure on gold is still quite high when the USD appreciates. The current trend in yields will remain elevated and gold is unlikely to reverse. In the short term, gold is under pressure of profit taking and stability returns to the world financial and commodity markets. However, the need gold reserves showed signs of a sharp increase.

According to Bloomberg Intelligence, gold is considered a potential asset around the end of 2022, especially when commodities have shocking prices because of supply shortages. According to this unit, the demand for gold reserves is increasing. Portfolio managers are looking for alternatives to recession risks and stock market reversals.

Commenting on the gold market in 2022, MKS PAMP believes that the precious metal still has a lot of room for development. The company forecasts that the price of gold can reach $2,500/ounce and reach resistance at $2,000/ounce this year.

Even the head of MKS PAMP – Nicky Shiels also said that the tensions in Ukraine cannot be completely resolved in 2022. Therefore, gold is still a safe haven channel chosen by investors in the local context. political escalation.

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