Gold price increased steadily, ready to hit the $2,000 mark, optimistic sentiment for next week?

Gold price today, March 26, creates a solid foundation to be ready to hit $2,000/ounce next week. (Source: Reuters)

WOODgold price today March 26:

SJC gold price continued to soar in the context of increasingly tense world geopolitical situation, investors increased demand for capital shelter in precious metals. Accordingly, the gold price continued to increase with an increase from 200,000 VND to 400 thousand VND, bringing the domestic gold price to surpass the threshold of 69 million VND/tael sold.

At the end of the session yesterday (March 25), SJC gold price traded at a number of large business units as follows:

VBDQ Saigon Company listed the price of SJC gold in 68.55 – 69.27 million VND/tael.

Doji Group currently lists the price of gold at: 68.30 – 69.2 million VND/tael.

Phu Quy Group is listed at: 67.15 – 68.90 million VND/tael.

PNJ system listed at: 68.20 – 68.90 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 68.42 – 69.15 million dong/tael. According to the general trend of the precious metal market, other products of this brand have all been adjusted, the price of gold is 999.9, the Dragon Thang Long gold brand is trading at 55.48 – 56.23 million VND/tael. Gold jewelry price traded at 54.70 – 56.10 million VND/tael.

Developments world gold price Latest

Wall Street analysts and retail investors are yet to abandon the $2,000 threshold as the market sees solid bullish sentiment across the board in the near-term.

Closing this week’s session, recorded at 4:30 am on March 26 (Vietnam time), the world gold price closed the transaction on Kitco floor at 1,958.4 USD/ounce, after a number of continuous ups and downs, currently. slightly increased by 1.5 USD/ounce compared to the close of the previous session.

Precious metals continue to benefit from safe-haven demand as uncertainty and volatility increase due to the Russia-Ukraine conflict. The global market fear is helping gold prices weather rising bond yields and hawkish comments from Federal Reserve Chairman Jerome Powell, analysts note.

“The gold market is in a very strong uptrend,” said David Madden, market analyst at Equity Capital.

This week, 17 Wall Street analysts took part in the precious metals market survey of Kitco News, 12 analysts (71%) predict gold prices to rise next week; at the same time, only 4 people (24%) had forecast falling prices; Only 1 expert (6%) gave a neutral opinion.

Meanwhile, with 1,034 votes taken in the Main Street online poll, 743 respondents (72%) believe gold will rise next week; Another 158 (15%) forecast price declines; while the remaining 133 people (13%) are neutral in the near term.

Gold price forecast next week

Strong bullish sentiment emerged as gold prices ended the week around $1,950 an ounce, up more than 1% from last Friday. Gold prices remained bullish as the US 10-year yield rose to 2.50%, the highest level in nearly three years, analysts noted.

Bond yields have edged higher since Tuesday (March 22) after Fed Chairman Jerome Powell signaled that the central bank could raise interest rates by 50 basis points in May. In his keynote speech at the National Economic Association’s annual Economic Policy Conference, Mr. Powell also warned that inflation is too high.

Analysts have noted that, although the Fed is looking to raise interest rates aggressively, it will remain behind the inflation curve; real rates will be negative – a positive environment for gold.

Colin Cieszynski, chief market strategist at SIA Wealth Managementsaid: “Inflation shows no sign of disappearing.

Gold continues to see strong technical momentum, analysts also note. Darin Newsom, President of Darin Newsom Analysis said that he sees the potential for gold to be pushed to $1,991 an ounce in the coming days. “Newton’s First Law of Motion for Markets (A trending market will stay in that trend until acted upon by an external force) tells us that, gold,” he said. in June could continue the uptrend,” he said.

However, not all analysts are optimistic that gold prices will be able to maintain the current upward momentum. As Expert Marc Chandler, Managing Director at Bannockburn Global Forex, say, rising bond yields could weigh on the precious metal. “I would expect higher yields in the US and elsewhere to reduce gold’s appeal. Perhaps it could retest $1,900 to $1,910 an ounce,” he said. “War is a wild card”