Domestic gold prices increased slightly in the context of the world gold market’s concerns about geopolitical tensions in Ukraine
Domestic gold price
Market opening on March 19, SJC’s gold price of 9999 today was unchanged compared to the end of yesterday’s trading session. Specifically, at 9:22 am on March 19, 9999 gold was traded by Doji Jewelry Group and SJC as follows:
|SJC Hanoi||67.8 million VND/tael||68.82 million VND/tael|
|SJC HCMC||67.8 million VND/tael||68.80 million VND/tael|
|Doji Hanoi||67.85 million VND/tael||69.05 million VND/tael|
|Doji Ho Chi Minh City||68 million VND/tael||69 million VND/tael|
SJC and DOJI gold price list updated at 9:22 am on March 19
End of trading session yesterday, gold bar price 9999 Listed at SJC and Doji are as follows:
SJC Hanoi: 67.8 million dong/tael (buy in) – 68.82 million dong/tael (sold out)
SJC HCMC: 67.8 million dong/tael (buy in) and 68.8 million dong/tael (sold out)
Doji Hanoi: 67.8 million dong/tael (buy in) and 69 million dong/tael (sold out)
Doji Ho Chi Minh City: 68 million dong/tael (buy in) and 69 million dong/tael (sold out)
|Gold price today (Photo: Bao Anh)|
International gold price
On the world gold market, spot gold price in the US increased by 15.2 USD/ounce to 1,942.4 USD/ounce. Gold futures for delivery in April 2022 on the Comex New York exchange increased by $34 to $1,943.2 per ounce
At the end of the meeting on March 16, the US Federal Reserve (Fed) announced that it would raise interest rates by 0.25 percentage points, to about 0.25-0.5% and also announced a plan on the the next interest rate hike.
The price of gold is very sensitive to rising US interest rates. This increases the opportunity cost of holding non-yielding gold. Higher interest rates, which are aimed at curbing inflation, also reduce gold’s appeal as an inflation hedge.
Geopolitical tensions in Ukraine positive impact on gold price. The continuation of peace talks between Russia and Ukraine has also helped investor sentiment, said Phil Blancato, managing director of Ladenburg Thalmann Asset Management in New York.
Investors are also betting on a rate hike by the European Central Bank and a combined increase of 50 basis points this year.
Gold price forecast
Investors see the Fed’s decision 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 for the precious metal.
Gold’s uptrend will depend on oil price movements. If the market sees another spike in oil prices, gold prices could break out and break through to all-time highs.
According to Reuters technical analyst Wang Tao, spot gold prices could bounce back to the range of $1,941 to $1,960 an ounce.
at Blogtuan.info – Source: vietnamnet.vn – Read the original article here