Gold price closes to 69 million VND/tael
Recorded at 9:25 a.m., in Hanoi market, Saigon Jewelry Company listed gold price SJC pieces were at 67.8 – 68.82 million dong/tael (buy in – sell out), an increase of 500,000 dong/tael in the buying afternoon and 300,000 dong/tael in the selling afternoon compared to yesterday’s close (March 17). .
At DOJI Jewelry Group, the business raised the buying price of SJC gold by 200,000 VND/tael, while keeping the selling price unchanged compared to the end of yesterday. Currently, the gold price is trading at 67.4 – 68.6 million VND/tael (buy in – sell out).
Meanwhile, at Bao Tin Minh Chau Co., Ltd., the company adjusted an increase of 40,000 VND/tael in the purchase price of SJC gold and decreased by 20,000 VND/tael on the selling side, listed around 67.56 – 68.73 million VND/tael (buy in – sell out).
Gold price in the world increased
The uptrend of gold price also depends on the movements of oil prices in the world. (Artwork – Photo: Bloomberg)
On the international market, at 7:30 am on Kitco, spot gold price stood at 1,942 USD/ounce, equivalent to 53.64 million VND/tael. Converted at the free USD exchange rate without taxes, world gold is 15.08 million dong/tael cheaper than domestic.
Earlier, in the session of March 17, the price of gold futures at the New York Mercantile Exchange increased by nearly 2%, the first increase in 5 sessions, when the dollar depreciated. Gold price for April delivery increased by 34 USD (1.78%) to 1,943.2 USD/ounce.
Geopolitical tensions in Ukraine have a positive impact on gold prices. In addition, investors see the decision of the US Federal Reserve to raise interest rates as an obstacle for gold in the short-term, as rising inflation in Europe and the US continues to support demand with gold prices. this precious metal.
At the end of the meeting on March 16, the FED announced that it would raise the interest rate by 0.25 percentage points, to about 0.25 – 0.5% and also announced the plan for the upcoming rate hikes.
“The gold market will be stable in the near-term and despite the decisions from the Federal Open Market Committee (FOMC) if the precious metal always holds the resistance at $1,920 an ounce,” strategists at TD said. Securities said, after the decision of the Fed to raise interest rates.
Similarly, Mr. Carsten Fritsch from Commerzbank (Germany) said that gold will have strong recoveries right after the FED implements its decisions. Currently, the increase in gold price depends on the movements of oil prices in the world.
According to Mr. Carsten Fritsch, if gold surpasses the all-time high price, oil and wheat will have a rapid price increase. In the past, gold has tended to increase in value after interest rate cycles have begun.
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