Gold stands firm on the high threshold

6 am this morning March 19 (Vietnam time), world gold price on the Kitco exchange traded at 1940 USD/ounce, unchanged from the early hours of yesterday morning.

The world gold price today stayed above the high threshold in the context of waiting for new developments in the geopolitical situation and a new move on interest rates by the European Central Bank.

The situation in Ukraine isn’t as tense as it used to be, so current concerns aren’t really going to boost demand for gold as a haven, said Matt Simpson, senior market analyst at City Index. safe hiding.

The Russian military appears to have halted its assault on Ukrainian cities as the fighting enters its fourth week.

Investors are also betting on a rate hike by the European Central Bank and a combined increase of 50 basis points this year.

Domestic gold price

Domestic gold price ended the trading session on March 18, Saigon Jewelry Company listed SJC gold price at 67.8 million VND/tael (buying) and 68.82 million VND/tael (selling). out).

DOJI Group currently lists the gold price at 67.8 million dong/tael (buying in) and 69 million dong/tael (sold out).

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.

According to Reuters technical analyst Wang Tao, spot gold prices could bounce back to the range of $1,941 to $1,960 an ounce.