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Gold price today March 17: Continuing to decline

6 am this morning March 17 (Vietnam time), world gold price on the Kitco floor traded at 1929 USD/ounce, up 9 USD/ounce compared to the early hours of the morning. However, for the whole session, gold price tended to decrease.

The world gold price dropped today when the Fed decided to raise interest rates, reducing the attractiveness of precious metals.

Gold price today March 17: Continuing to decline - 1

Gold prices continue to decline.

Meanwhile, USD has recently increased in value and is hanging at multi-month highs against a basket of 6 major currencies also putting pressure on gold.

The pressure to sell gold has increased in recent sessions as investors are cautious about the Fed’s decision to raise interest rates and expect more progress in the Russia-Ukraine negotiations.

Domestic gold price

Domestic gold price ended the trading session on March 16, Saigon Jewelry Company listed SJC gold price at 67 million dong/tael (buying in) and 68.22 million dong/tael (sold out). .

DOJI Group currently lists the price of gold at 66 million dong/tael (buying in) and 68 million dong/tael (sold out).

Gold price forecast

The pressure on gold remains high as 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 demand for gold reserves showed signs of increasing sharply.

Gold is forecasted to reach 2,000-2,500 USD/ounce by the end of the year and 2,000 USD will be a long-term support level for precious metals.

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