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Gold price today March 23: Unpredictable signal from the Fed, gold turns down

Gold price today 23/3 on the international market turned down after the Fed boss signaled tough on monetary policy.

Domestic gold price

Up to 13:30′ on March 23, the price of 9999 gold of SJC increased by 100 thousand dong in the afternoon buying and selling compared to the morning. Specifically, the gold price of 9999 was traded by Doji Jewelry Group and SJC as follows:

Buy intoSold out
SJC Hanoi67.95 million VND/tael68.67 million VND/tael
SJC HCMC67.95 million VND/tael68.65 million VND/tael
Doji Hanoi67.75 million VND/tael68.85 million VND/tael
Doji Ho Chi Minh City67.90 million VND/tael68.60 million VND/tael

SJC and DOJI gold price list updated at 13:30′ on March 23

Open the market on 23/3, SJC’s gold price of 9999 today in Hanoi decreased by 200 thousand dong in the selling afternoon compared to the end of yesterday’s trading session. Specifically, at 9:30 am on March 23, 9999 gold was traded by Doji Jewelry Group and SJC as follows:

Buy intoSold out
SJC Hanoi67.85 million VND/tael68.57 million VND/tael
SJC HCMC67.85 million VND/tael68.55 million VND/tael
Doji Hanoi67.60 million VND/tael68.45 million VND/tael
Doji Ho Chi Minh City67.70 million VND/tael68.50 million VND/tael

SJC and DOJI gold price list updated at 9:30 am on March 23

End of session 22/3, gold price 9999 The domestic market is listed by SJC and Doji Jewelry Group in the order of buying and selling as follows:

SJC Hanoi: 67.85 million VND/tael – 68.77 million VND/tael

SJC HCMC: 67.85 million VND/tael – 68.75 million VND/tael

Doji Hanoi: 67.80 million VND/tael – 68.80 million VND/tael

Doji Ho Chi Minh City: 67.65 million VND/tael – 68.85 million VND/tael

International gold price

Until 9:26 am today (March 23, Vietnam time), the world spot gold price stood around the threshold of 1,923.9 USD/ounce, up 5.9 USD/ounce compared to last night. Gold futures for April delivery on the Comex New York exchange were at $1,926.9 per ounce.

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World gold price movement

On the night of March 22 (Vietnam time), the world spot gold price stood around the threshold of 1,914 USD/ounce. Gold for April delivery on the Comex New York exchange was at $1,915 per ounce.

The world gold price on the night of March 22 was about 1.1% higher (US$20/ounce) than at the beginning of 2021. World gold converted to bank dollars was priced at VND53.6 million/tael, excluding tax. and fees, about 15.2 million dong/tael lower than the domestic gold price as of late afternoon session 22/3.

Gold prices on the international market turned down after the boss of the US Federal Reserve (Fed) signaled a tough stance on monetary policy.

Gold rose amid a stronger dollar and higher US Treasury yields after Fed Chairman Jerome Powell signaled a tough stance on monetary policy. Mr. Powell hinted at tightening monetary policy faster than previously forecast.

Accordingly, according to Mr. Powell, the Fed must act “urgently” to combat rapidly increasing inflation. Higher-than-normal rate hikes could be deployed if needed. Mr. Powell’s comments come less than a week after the Fed raised rates by 25 basis points for the first time since 2018.

At its meeting March 15-16, the Fed said there will be seven rate hikes this year. After Mr. Powell’s remarks, investors are waiting to see how much the Fed will determine the amount of increase at the next meeting, 25 or 50 basis points.

Gold price today March 23: Unpredictable signal from the Fed, gold turns down
Gold price today March 23: Unpredictable signal from the Fed, gold turns down

The price of gold increased because the commodity closely related to gold, oil, increased strongly again, to above the threshold of 115 USD/barrel.

If the US sharply increases interest rates to fight inflation, the US economy has more risks of falling into a recession.

The US economy as well as the world is under pressure from the high price of important input materials due to Russian-Ukrainian war.

Gold price forecast

Gold is forecasted to remain in an uptrend. According to Bloomberg Intelligence, gold could eventually break the $2,000/ounce resistance level if the Fed is indeed successful in delivering on its message.

According to Credit Suisse, a new monetary order is more likely to emerge soon as the commodity crisis drags on inflation. The dollar will be the loser.

The USD will depreciate and thereby positively affect precious metals.

This week, Russia’s war in Ukraine will continue to be the focus of investors’ attention. The situation in Ukraine could change any calculus of risk.

The US economy will decelerate sharply when the Fed raises interest rates six more times this year. And as long as the Fed shows a softer stance in the near future, gold prices will benefit a lot.

V. Minh

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