Today’s gold price in the domestic market slowed down even though world gold prices rose sharply again.
At 9 o’clock, the issuer bought SJC gold at a price of 67.6 million dong/tael and sold it at 68.8 million dong/tael, an increase of 100,000 dong per tael compared to the end of yesterday. Several businesses raised the purchase price to 68 million VND/tael.
Thus, the price of SJC gold only fluctuated within a narrow range even though the world gold price experienced a strong rally.
The price of gold jewelry, the price of 24K gold rings of all kinds also increased by 100,000 VND/tael when traded at 55.15 million VND/tael bought, 56.15 million VND/tael sold.
The price of gold jewelery is lower than the price of SJC gold by around 12 million VND/tael.
This morning’s central exchange rate was recorded by Bank Negara at 23,142 VND/USD, down 25 VND/USD compared to yesterday. The price of USD in commercial banks also fell by 10 dong to 22,730 dong/USD bought, 23,010 dong/USD sold.
The price of gold in the world is currently rising sharply
Prior to that, last night, the world spot gold price sometimes rose by 24 USD/ounce, from 1,926 USD/ounce to 1,950 USD/ounce at 0:00 on March 18, Vietnam time. After that, today’s gold price on the international market declined slightly and at 6 am the same day traded at 1,940 USD/ounce but still increased by 16 USD/ounce compared to the previous day’s opening price. April 2022 gold futures were also up nearly 34 USD to 1,943 USD/ounce.
Another important market noted that crude oil prices, after falling below 100 USD/barrel, are not rising again, trading around 102.25 USD/barrel, plus the broad decline in USD provided a boost to the market. Gold prices are rising today. However, because the US bond interest rate is still at a high level of 2.12%/year, US stocks have strengthened very strongly, so that cash flows to the gold market are somewhat affected, making the price of gold today sometimes rises by hypothermia.
Today’s gold price in Vietnam is still waiting for business to open for trading at 8:00 am on March 18th. In line with that, several gold shop owners estimate that the domestic gold price today will fluctuate in accordance with the trading movements of speculators and the volatility of world gold prices.
Previously, the price of SJC gold at the end of March 17 was purchased by business actors at a price of 67.7 million VND/tael, sold at a price of 68.7 million VND/tael, an increase of 300,000 VND/tael compared to the initial price of 68.4 million VND /taels.
At 1,940 USD/ounce, the world gold price was converted to 53.7 million VND/tael, 15 million VND/tael lower than the SJC gold price.
Even though the US has just raised its basic interest rate by 0.25 percentage points, in the context of high inflation, the increase in interest rates has not been able to dampen inflation. Moreover, the US and many other countries will face a slowdown in economic growth due to the impact of the Russia-Ukraine conflict.
On the other hand, the US and European countries imposed sanctions against Russia in the form of payments, by air, by sea; and China temporarily closed a number of cities to control Covid-19, including the commercial port of Hong Kong, so that the supply chain of goods continued to be cut off. Businesses are disadvantaged when it is difficult to buy input materials and fuel and sell output products.
As a result, prices for raw materials and fuel for production have risen sharply, and global inflation is predicted to rise, prompting investors to invest in precious metals. Therefore, in the short term, the downward trend in gold prices is very limited as the market is concerned about inflation and geopolitical instability.
Source: https://nld.com.vn/ Kinh-te/gia-vang-hom-nay-18-3-tang-toc-khi-dau-tho-bat-ngo-tang-gia-…
Source: https://nld.com.vn/ Kinh-te/gia-vang-hom-nay-18-3-tang-toc-khi-dau-tho-bat-ngo-tang-gia-tro-lai- 20220318063816402.htm
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