Gold stomped in place and waited for time or did the door shine?
22/03/2022 09:10 GMT+7
The gold market hasn’t seen much volatility in recent sessions, although the prospect of an upside is still there.
Yesterday afternoon (March 21), large enterprises listed SJC gold bars at 67.7 – 68.72 million VND/tael, down 100,000 VND/tael for buying and 200,000 VND/tael for selling compared to a day ago. The trading difference was gradually narrowed to 1.02 million dong/tael.
On the world market, at 7am this morning (March 22), the spot gold price on Kitco was 1,937 USD/ounce, equivalent to 53.48 million VND/tael. Converted at the free USD exchange rate without taxes, world gold is 15.24 million dong/tael cheaper than domestic.
The gold market has not had too much volatility in recent trading sessions (Photo: Tien Tuan).
According to Bloomberg, gold is a safe haven channel chosen by many investors when the war between Russia and Ukraine is still “hot”. Currently, the precious metal price has surpassed the resistance level of 1,920 USD/ounce as people’s demand for hoarding increases.
Data from the World Gold Council shows that the price of precious metals is up about 10% since the beginning of the year. At the same time, the amount of money pouring into gold ETFs has also increased globally with gold reserves receiving 120 tons from the beginning of March and 200 tons since the beginning of the year.
“We don’t know exactly what the next geopolitical event will be, what the next inflation threat is, so gold is still a haven of choice for many,” said Kristina Hoope, an expert from Invesco. .
According to Mr. Hoope, the rapid increase in global inflation is the driving factor for investors to hoard gold. Some consulting firms even recommend that 10 – 15% of people’s investment portfolio should be gold.
Forecasting the market in the near future, Mr. Zoltan from Credit Suisse bank (Switzerland) believes that a new monetary order will be formed when the global commodity crisis breaks out. “The scenario after the crisis is over is that the dollar will weaken and the yuan will strengthen,” Zoltan said.
In the same opinion, the International Monetary Fund (IMF) also assessed that the war in Ukraine will reduce economic growth expectations and increase the prices of consumer goods.
“The war could change the global geopolitical and economic order if energy prices continue to soar and get out of control. This increases risks in the technology and trade sectors,” the IMF said. forecast.
According to the IMF, the precious metal still has a lot of room to develop this year as investors still see gold as a safe haven and a hedge against inflation.
According to Dan Tri
at Blogtuan.info – Source: infonet.vietnamnet.vn – Read the original article here
