Gold price today 27/3, Gold price has amazing move, new global currency, Russian gold store gets ‘blow’ from Britain, SJC still jumps

Gold price today 27/3, Gold price has amazing move, Russian gold warehouse received a “blow” from Britain, SJC still jumped. (Source: Hindustan Times)

Egypt daily gold price movements today 27/3

Last week, in the context of traders watching developments in the Russia-Ukraine tension and the policy direction of the US Federal Reserve (Fed), the world and domestic gold prices both tended to go up. . Experts believe that inflation will be a factor to maintain a positive environment for gold prices in the medium term.

Regarding the domestic gold price, at the Hanoi market, at the close of the last trading session of March 26, the SJC gold price was listed at VND 68.7 – 69.45 million by Saigon Jewelry Company Limited at VND 68.7 – 69.45 million. /tael (buy in – sell out), an increase of 250,000 VND/tael in the buying afternoon and 300,000 VND/tael in the selling side compared to yesterday’s closing.

Thus, the domestic gold price has increased by 770 thousand dong/tael in the past week. Before that, the gold price fluctuated from the beginning of the week around 69 million VND/tael.

Meanwhile, on the world market, gold price fell in the session of March 25, but increased for the whole week as a whole, in the context that traders are watching developments in the Russia-Ukraine tensions and policy direction of the Fed.

Closing this session, the price of gold for delivery in April decreased by 8 USD, or 0.4%, to 1,954.2 USD/ounce. But for the whole week, gold prices still rose 1.3%, according to Dow Jones Market Data.

Notes of TG&VN, the world gold price closed trading on the Kitco floor at 1,958.4 USD/ounce, after a number of continuous ups and downs, now increased slightly by 1.5 USD/ounce compared to the close of the previous session. The price of gold for April futures on Comex was last at $1,957 per ounce.

Converted to USD price at Vietcombank on March 26, 1 USD = 23,010 VND, the world gold price is equivalent to 54.95 million VND/tael, lower than the price of gold sold by SJC at 14.52 million VND/tael.

Summary of SJC gold prices at major domestic business brands at the close of the morning session of March 26:

VBDQ Saigon Company listed the price of SJC gold at 68.7 – 69.45 million VND/tael.

Doji Group currently lists the price of SJC gold at: 68.5 – 69.35 million VND/tael.

Phu Quy Group is listed at: 68.6 – 69.4 million VND/tael.

PNJ system listed at: 68.5 – 69.25 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 68.61 – 69.39 million VND/tael. Gold price 999.9, Dragon Thang Long gold brand traded at 55.44 – 56.29 million VND/tael. Gold jewelry price traded at 54.65 – 56.15 million VND/tael.

Surprising movements of the market

In an article on Kitco News, analyst Neils Christensen According to the report, the world gold market ended the trading week at just over 1,950 USD/ounce, slightly up 1% compared to last Friday, however, investors need to look through the raw numbers and the environment. the market in which gold is trading.

Gold prices have established a new range, above $1,900 an ounce, as the dollar index holds near two-year highs. Even more amazingly, gold is holding firm as bond yields rise.

Early on Friday, the US 10-year yield rose to 2.5%, its highest level in three years. Some analysts say bond yields are likely to move higher as the Fed intends to tighten rates faster than expected.

Rising government bond yields will increase the opportunity cost of holding non-yielding assets like gold, while a stronger dollar makes gold, which is a precious metal priced in this currency, less expensive. more expensive for buyers holding other currencies.

On Tuesday, Fed Chairman Jerome Powell shocked the market by saying that inflation was already too high. He signaled that the US central bank could raise interest rates by 50 basis points in May. The markets also see potential for a second 50 basis point move in June.

However, the gold market does not take these threats too seriously. Some analysts have said that the Fed’s warning was worse than its actual impact.

Kristina Hooperinvestment strategist at Invesco, said in a note: “It’s easy to get tough in press conferences and keynotes. But it’s actually a lot harder if it’s seven rate hikes in one. year and four times in the following year”.

Not only is the Fed talking hard, but analysts note that, looking at the big picture, even if the Fed hits its aggressive targets, interest rates will still be at 2%. Meanwhile, annual inflation is currently at 7.9%.

Some economists expect rates to fall to between 4-6% by the end of the year, but the bottom line is that real rates will continue to be deeply negative.

However, it is not only monetary policy that drives investment demand in gold. Russia’s military campaign in Ukraine also continues to support safe-haven demand for the precious metal.

The humanitarian crisis in Eastern Europe continues as the hostilities have not ended. To date, more than 3.7 million refugees have left Ukraine, and about 6.5 million are internally displaced.

Many geopolitical analysts do not expect the conflict to be resolved anytime soon, so market volatility and volatility will remain prominent in financial markets.

However, there was a new element to the conflict as Western economic sanctions began to take effect. Gold can establish itself as a new global currency.

With the same opinion, Mr Peter Cardilloa market economist at Spartan Capital Securities (USA) said that the inflation story will probably overwhelm the factors of bond yields and the Russia-Ukraine conflict.

He predicted that the price of gold could surpass $2,000 per ounce, when inflation makes investors look to gold as a hedge against price escalation, while geopolitical tensions also increase. will increase demand for gold as a safe haven.

Regarding the gold market, RT Reportedly, Britain on March 25 added a ban on Russian gold trading to its list of restrictive orders imposed on Moscow because of Russia’s military campaign in Ukraine.

“The guidance has been updated to clarify that the prohibition on the provision of financial services to foreign exchange reserves is prohibited,” the UK government’s website said in a text of sanctions guidance updated on March 25. and asset management, also applies to transactions involving gold. It is strictly forbidden to provide financial services to conduct transactions with the Central Bank of the Russian Federation in connection with its gold vaults.”

According to RTBritain’s move comes after concerns that Russia could use its gold reserves to circumvent Western sanctions.

Earlier, on March 24, the US Treasury Department also issued a notice banning gold transactions with Russia, targeting Moscow’s reserves of about 2,300 tons worth more than $130 billion.

These restrictions only affect the trading of Russian gold in markets in the UK and US, and cannot prevent Moscow from selling gold to other countries or exchanges.

Russia currently has the 5th largest gold reserves in the world. The country began to increase its gold reserves eight years ago after being punished by the West for annexing the Crimean peninsula.