Gold price today March 24: Petrol increased violently, gold immediately increased in price

Gold price today 24/3 on the international market returned to increasing momentum when international petroleum products increased sharply.

Domestic gold price

At the end of the trading session on March 23, the domestic gold price of 9999 was listed by SJC and Doji Jewelry Group in the order of buying and selling as follows:

SJC Hanoi: 68.10 million VND/tael – 68.82 million VND/tael

SJC HCMC: 68.10 million VND/tael – 68.80 million VND/tael

Doji Hanoi: 67.70 million VND/tael – 68.60 million VND/tael

Doji Ho Chi Minh City: 68.00 million VND/tael – 68.80 million VND/tael

International gold price

The night of March 23 (Vietnam time), world gold price spot stood around the threshold of 1,932 USD/ounce. Gold for April delivery on the Comex New York exchange was at $1,933 per ounce.

The world gold price on the night of March 23 was about 2.0% higher (37 USD/ounce) compared to the beginning of 2021. World gold converted to bank dollars was priced at 54.1 million dong/tael, excluding tax. and fees, about 14.7 million dong/tael lower than the domestic gold price by the end of the afternoon session on March 23.

Gold prices in the international market returned to the upside when international petroleum products increased sharply in the context of the Russia-Ukraine war continuing to escalate and with the risk of spreading and potentially affecting the world economy. gender.

Gold price today March 24: Petrol rallied violently, gold returned to its upward momentum

Brent oil price in the world has returned above the threshold of 120 USD/barrel. Meanwhile, Nickel price is still at a very high level despite a lot of downward correction. This metal could disillusion the global electric car industry.

Nickel is an important metal for the production of stainless steel and lithium-ion batteries. Nickel price doubled weekly and for the first time in history reached nearly 50,000 USD/ton.

Gold also rose because investors turned to this investment channel when inflation increased and the world faced an economic recession.

On CNBC, famous investor Carl Icahn warned of a possible recession. According to Icahn, rising inflation is a major threat to the economy, while the Russia-Ukraine war only adds to the uncertainty.

Gold price forecast

The gold market is still quite active as oil prices rebound. Oil prices rise as EU considers banning oil imports from Russia.

Gold is forecasted to be strongly supported by the Military tension between Russia and Ukraine still no better. The war has entered the second month but there is no sign of stopping.

Geopolitical tensions in the world still have many hot spots. North Korea recently launched a series of missiles.

Large institutions are still buying gold. The world’s largest gold investment fund SPDR has just bought 9 tons of gold, holding gold to 1,082.44 tons.

Gold price is forecasted to increase to $2,500/ounce by the end of the year.

V. Minh