Gold price today 24/3, Gold price suddenly reversed, a big push for SJC, Russia’s gold reserve can be frozen?

Gold price today March 24, Gold price suddenly reversed, a big push for SJC, Russia’s gold reserve may be frozen. (Source: Reuters)

Egypt Gold price update today 3/24

Opening the trading session on March 23, at 8:44 am, DOJI Jewelry Group Joint Stock Company listed the price of SJC gold on the Hanoi market at 67.6 – 68.5 million VND/tael. buy-sell), a decrease of 200 thousand dong/tael in the buying afternoon and 300 thousand dong/tael in the selling afternoon compared to the previous session’s closing.

At Phu Quy Jewelry Company, SJC gold price was unchanged compared to the previous session’s closing price, listed at 67.8 – 68.75 million dong/tael (buy in – sell out).

SJC gold price in Hanoi market is listed by Saigon Jewelry Company at 67.8 – 68.52 million dong/tael (buy in – sell out), down 50,000 dong/tael in buying afternoon. and 250,000 VND/tael in the selling afternoon compared to the end of the previous session.

Gold prices in Asia were little changed on the afternoon of March 23 as investors worried that the crisis in Ukraine would increase demand for the precious metal, but the “tough” comments by Reserve officials. The US Federal Reserve (Fed) on sharply raising interest rates to curb inflation limited the rise of gold.

Spot gold price was almost unchanged, at 1,920.42 USD/ounce. US gold futures fell 0.1% to $1,919.50 an ounce.

As noted by TG&VNAt 9:01 pm on March 23, the world gold price at Kitco electronic trading floor was at 1,932.0 – 1,933.0 USD/ounce, up 11.8 USD/ounce compared to the previous session.

Summary of SJC gold prices at major domestic business brands at the close of the session on March 23:

VBDQ Saigon Company listed the price of SJC gold at 68.1 – 68.8 million VND/tael.

Doji Group currently lists the price of SJC gold at: 67.75 – 68.55 million VND/tael.

Phu Quy Group is listed at: 67.95 – 68.7 million VND/tael.

PNJ system listed at: 67.9 – 68.8 million VND/tael.

The price of SJC gold at Bao Tin Minh Chau is listed at: 67.96 – 68.7 million VND/tael. Gold price 999.9, Dragon Thang Long gold brand traded at 55.27 – 56.02 million VND/tael. Gold jewelry price traded at 54.5 – 55.9 million VND/tael.

Gold rises on the risk of conflict and inflation concerns

Gold prices unexpectedly reversed course on Wednesday as investors sought a safe haven from soaring inflation and a potentially disastrous Ukraine crisis, amid rising US bond yields.

Spot gold was up 0.3 percent to $1,927.42 an ounce at 12:46 GMT. U.S. gold futures rose 0.2 percent to $1,926.00.

Independent Analyst Ross Norman “The gold market seems to be holding up pretty well since the downside correction, with support coming from geopolitical uncertainty and safe-haven demand for physical gold,” said.

Gold is traditionally seen as a hedge against inflation and a trusted place to keep money when geopolitical uncertainty increases.

Gold prices rose to near record highs earlier this month, but then saw a decline ahead of the Federal Reserve’s decision to raise interest rates during its key policy meeting. of the organization last week. Since then, gold has moved into a more stable price zone.

Norman added: “As investors and institutions start to focus on the inflation story, what is happening right now and exchange-traded fund demand for gold remains strong are the credit This bodes well for the precious metal’s rally, even though it’s just getting started.

This week, SPDR Gold Trust – the world’s largest gold exchange-traded fund, had its highest reserves since March 2021.

Analyst Peter Fertig Gold is getting support from the markets, with the government bond market in Europe recovering, said Quantitative Commodity Research.

Meanwhile, US 10-year Treasury yields hit their highest levels in nearly three years, increasing the opportunity cost of holding zero-yield gold.

Analysts of Commerzbank Gold said in a note: “Following the trend of the most recent strong yield rally, gold is holding up fairly well. Possibly, gold’s downtrend is being hampered by continued buying demand in gold. the investors”.

Before that, Mr Michael McCarthy“Gold got some support thanks to the desire to have a safe haven in the face of geopolitical conflict in Asia,” said , head of strategy at Tiger Brokers, Australia. Ukraine”.

The President of the Federal Reserve Bank of St. Louis James Bullard urged the Fed to raise its benchmark interest rate to 3% this year and take aggressive steps to keep inflation under control.

The US 10-year yield has climbed above 2.3% for the first time since May 2019. Higher interest rates and bond yields typically increase the opportunity cost of holding non-yielding assets like gold.

However, rising geopolitical tensions in Ukraine and the new variant BA.2, which now accounts for half of all new Covid-19 cases across most of the US, have supported gold prices.

Regarding the gold market, according to the information on the page Axios, On March 23, US Treasury Secretary Janet Yellen will meet with senators this week to discuss a bill to freeze Russia’s gold reserves.

The West has frozen Russia’s foreign exchange reserves, but gold is said to be Moscow’s lifeline.

Russia started to increase its gold reserves in 2014, but when the price of gold was high at the beginning of the Covid-19 pandemic, Russia stopped hoarding this precious metal.

However, now, in the context of sanctions, the ruble has depreciated, the central bank of Russia has bought gold again.