Next week, the gold price is forecasted to ‘surprise’ again

Opening the morning session of March 27, Saigon Jewelry Company listed the price of gold bars at 68.7 – 69.45 million VND/tael (buy in – sell out), an increase of 100,000 VND/tael in buying in the afternoon and increased by 80,000 dong/tael in the selling afternoon compared to yesterday.

Doji Jewelry Group listed gold bars at 68.5 – 69.35 million VND/tael (buy in – sell out). This price increased by 200,000 VND/tael in the buying side and 150,000 VND/tael in the selling side compared to the end of the previous session.

Phu Quy Company also increased the selling price of gold at 68.6 – 69.4 million VND/tael. This price increased by 200,000 VND/tael in both buying and selling directions compared to the end of the previous session.

In the morning of March 27 (Vietnam time), the world gold price was at 1,958.9 USD/ounce; Converted at current prices, the world gold price is about 55 million VND/tael. The difference between the world and domestic gold prices is about 14 million VND/tael.

World gold price ended the week session at over 1,950 USD/ouce. Wall Street analysts and retail investors remain bullish on the precious metals market, with gold prices forecast to hit $2,000 an ounce next week. According to market analyst David Madden at Equity Capital, the gold market is in a very strong uptrend. In the current environment, there are few factors that can hinder the precious metal’s upward direction.

The Kitco News Gold Survey shows that optimism still prevails, with 71% of participating Wall Street analysts expecting gold prices to rise next week. Similarly, 72% of retail investors who took part in an online Main Street poll agree and predict the gold price will increase in the short term.

The domestic gold price is influenced by the world gold price. With the increasing momentum of the world gold market, many experts believe that the domestic gold price may reach 70 million dong/tael next week.

On the money market, on March 27, the State Bank listed the central exchange rate at 23,151 VND/USD, unchanged compared to the previous session. At commercial banks, the USD exchange rate was listed at 22,700 – 23,010 VND/USD, unchanged compared to the previous session.

Quynh Nga