What “culprit” pushes gold prices up?
(Dan Tri) – Gold price accelerated, sharply increasing by 26 USD on the world market. Domestically, the price fluctuated around 68.3 – 69.02 million VND/tael.
Updated at 9 am this morning (March 24), the enterprise Majority in Hanoi traded SJC gold bars at 68.3 – 69.02 million dong/tael, up 200,000 dong/tael in the buying and selling afternoon compared to yesterday (March 23). In Ho Chi Minh City, the purchasing price is similar to Hanoi, the selling price is 69 million VND/tael, an increase of 200,000 VND/tael in the buying and selling direction. The difference in trading ranged from 700,000 to 720,000 VND/tael.
On the world market, gold price spot on Kitco was 1,942 USD/ounce (equivalent to 53.63 million VND/tael), up 26 USD compared to the 23/3 session. Converted at the free USD exchange rate without taxes, world gold is cheaper than domestic by 15.39 million dong/tael.
Inflationary pressure is pushing gold up (Photo: Tien Tuan)
Gold price is accelerating, increasing strongly before the news that the US Federal Reserve (Fed) announced that it will be strong in controlling inflation. So, gold is back on the bull run amid worries about the health of the US economy.
Mr. Edward Moya from Oanda assessed that the precious metal will have a rally in the near future when inflation is approaching and the war situation in Ukraine does not cool down.
“As a general rule, if yields are high, gold’s ability to rise will be limited. However, investors are concerned about the coming economic recession, so gold’s haven attraction will increase, especially especially in the context that the war in Ukraine is still tense,” Moya said.
In the same opinion, UOB bank (Singapore) also said that gold still has a lot of room to increase in price when inflation increases rapidly. “The growing fear of stagnant inflation keeps gold prices in check. Two weeks ago, the precious metal’s price hit a record high and hit $2,070 an ounce. This move comes right after the US announcement. Sanctions against Russia cause volatility in global commodity prices,” UOB analysis.
According to research by UOB, people are tending to allocate more portfolios to gold. Therefore, this bank forecasts, gold will trade at 2,100 USD/ounce in the second quarter, reach 2,150 USD/ounce in the third quarter and reach the threshold of 2,200 USD/ounce in the fourth quarter.
at Blogtuan.info – Source: dantri.com.vn – Read the original article here
