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Gold price approaches 70 million dong/tael

Trade at a gold shop. (Photo: VNA)

At 9:25 a.m. on the Hanoi market, the Saigon Jewelry Company listed the price of SJC gold buying at 68.85 million dong and selling at 69.57 million dong, increasing by 150,000 dong and 100,000 dong, respectively. VND per tael compared to the closing session last week.

At DOJI Jewelry Group, the business is buying SJC gold at the price of 68.7 million VND/tael and selling it at 69.4 million VND/tael, down 200,000 VND in the buying side, 50,000 VND in the selling side. session last week.

At Bao Tin Minh Chau Co., Ltd., the listed price of SJC gold bars traded at 68.71 – 69.49 million VND/tael (buying in – selling out), decreasing by 60,000 VND/tael, respectively. 90,000 VND/tael compared to the closing session last week.

Meanwhile, the price of gold jewelry, 24K gold rings of all kinds tended to be more stable when unchanged compared to yesterday (March 27), around 55.2 million dong/purchased volume, 56, 3 million VND/volume sold.

World gold prices fall

In the international market, the world gold price tends to decrease. Specifically, the spot gold price in the morning of March 28 listed at Kitco at 1,956.3 USD/ounce, down 2.1 USD/ounce compared to last week’s closing session.

Gold price approaches 70 million VND/tael - Photo 1.

The price of gold is forecasted to exceed $2,000. (Photo: Bloomberg)

According to data of Dow Jones Market Data, including last week (March 21-25), gold price increased by 1.3% in the context of investors watching developments in the Russia-Ukraine tension and the direction of the future. policy of the US Federal Reserve (FED).

Market economist at Spartan Capital Securities (USA), Mr. Peter Cardillo, predicts that the price of gold may exceed $2,000/ounce, when inflation makes investors look to gold as a measure. Hedging measures against rising prices, while geopolitical tensions will also increase demand for gold as a safe-haven.

Similarly, a short report from precious metals trading and manufacturing company Heraeus Precious Metals (Germany) said that, even if predictions of a Fed rate hike come true, inflation will will remain high while real interest rates stay negative. These factors should maintain a positive environment for gold prices in the medium term.

Gold price forecast

Kitco’s survey of gold prices this week shows that bullish expectations dominate. Of the 17 participating Wall Street analysts, 12 analysts, or 71%, are predicting a rise in the price of gold; 4 people, or 24%, expect prices to fall and 1 person (6%) think the market will move sideways.

While the Main Street survey of 1,034 participants, 743 people (72%) forecast prices to increase in the coming week; Another 158 people (15%) think prices will fall and 133 people (13%) hold a neutral view.

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

Yields on US bonds jumped after the Fed Chairman signaled the central bank could raise interest rates by 50 basis points in May. In his speech, Mr. Powell also warned that inflation is too high.

Analysts note, although the Fed is looking to raise interest rates aggressively, but interest rates are still behind the inflation curve, negative real exchange rate is a positive environment for gold prices. In addition, precious metal prices are also supported by technical signals.

However, not all analysts are optimistic that gold prices can maintain the current upward momentum. Marc Chandler, Managing Director at Bannockburn Global Forex, thinks rising bond yields could weigh on the precious metal.

“I expect higher yields in the US and elsewhere will reduce the attractiveness of gold. Perhaps it will retest $1,900 – $1,910 an ounce,” said Marc Chandler.

How long will the gold price increase? How long will the gold price increase?

VTV.vn – Over the past week, the world price of gold has increased as the situation in Ukraine has not “cooled down” has boosted demand for this safe-haven asset.

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