Gold has increased to 70 million dong/tael this week?

Mar 28, 2022 08:48 GMT+7

Yesterday afternoon (March 27), large enterprises in Hanoi traded SJC gold bars at 68.7 – 69.47 million VND/tael, the buying side remained the same but the selling side increased 200,000 VND/tael compared to the previous day. there. The difference between buying and selling is 770,000 VND/tael.

At 7am this morning (March 28), the spot gold price on Kitco was 1,957 USD/ounce, equivalent to 54.03 million VND/tael. Converted at the free USD exchange rate without taxes, world gold is cheaper than domestic by 15.44 million dong/tael.

Last week, the gold market had exciting sessions as the precious metal neared the $1,960 mark an ounce, despite 10-year US Treasury yields rising 2.5%, their highest level since from May 2019.

Analysts said that bond yields are likely to rise higher when the US Federal Reserve (Fed) is strong on interest rates. On Tuesday, Fed Chairman Jerome Powell said that the Fed will take all measures to keep prices stable amid rising inflation. According to forecasts, the agency will increase by 50 basis points in the interest rate adjustment period in May.

Analyzing the gold market, Mr. Kristina Hooper from Invesco said that the precious metal has a lot of room to increase prices in the near future. “All the Fed’s interest rate hike plans are just on the table. It’s very difficult to raise interest rates seven times in 2022 and four times in 2023,” he said.

Right now, the Fed is stuck in a money dilemma. Because raising interest rates too high will prevent the economy from recovering from the pandemic.

In the same opinion, UOB bank (Singapore) assessed that the gold price will increase when inflation gradually appears in many countries. According to research by UOB, people are tending to allocate more investment portfolio to gold. According to the bank, the gold price will trade at $2,100/ounce in the second quarter, $2,150/ounce in the third quarter and $2,200/ounce in the fourth quarter.

Data from the World Gold Council shows precious metal prices up about 10% since the start of the year. At the same time, the amount of money pouring into gold ETFs has also increased globally with gold reserves receiving 120 tons from the beginning of March and 200 tons since the beginning of the year.

According to Dan Tri