Gold prices are mixed
Customers buy and sell gold at a gold and silver trading company. (Photo: VNA)
Opening session today, Saigon Jewelry Company listed gold price SJC in Hanoi market was at 68.55 – 69.27 million dong/tael (buying in – selling out), an increase of 150,000 dong/tael in both buying and selling afternoon compared to the closing session yesterday (March 29).
At DOJI Jewelry Group, the price of SJC gold bars traded at 68.3 million VND/tael bought in and 69.15 million VND/tael sold, increasing by 100,000 VND in the buying afternoon and 50,000 VND in the afternoon, respectively. sold compared to the end of yesterday session.
While at Bao Tin Minh Chau Co., Ltd., the business adjusted the purchase price of SJC gold to 68.51 million VND/tael, selling 69.2 million VND/tael. At this price, the buying price decreased by 50,000 VND/tael, the selling price decreased by 40,000 VND/tael compared to yesterday’s closing.
World gold prices fall
On the world market, at 7am this morning on Kitco, the spot gold price traded at 1,917 USD/ounce (equivalent to 52.95 million VND/tael), down 8 USD compared to yesterday. Converted at the free USD exchange rate without taxes, world gold is cheaper than domestic by more than 16 million dong/tael.
Gold prices fell as haven demand faltered. (Image: Getty Images)
The world gold price dropped as recession signals in the US became clearer when the yield curve inverted. Among them, the most visible sign is that bonds with longer maturities offer lower yields than bonds with shorter maturities.
In addition, the improved market sentiment after the negotiations between Russia and Ukraine was also a reason for the drop in gold prices. Under the pledge, Moscow will significantly reduce its military activity near the capital Kiev and the city of Chernihiv.
Concluding the talks yesterday, the Russian side said that the negotiations were constructive. The Ukrainian side also believes that the negotiations have progressed enough for the two presidents to meet. The news pushed US stocks higher as the Dow Jones Industrial Average rose nearly 1%, the S&P 500 gained 1.2% and the Nasdaq gained 1.8%.
Edward Moya, senior market analyst at OANDA, said that the progress in the Russia-Ukraine peace talks has led many to think that the geopolitical crisis will subside and the need for a safe-haven for the country. with gold will lose.
Investors are now quite worried about the economic situation in the near future when the yield curve is inverted again. There are currently many views surrounding whether an inverted yield curve is a harbinger of a recession.
Previously, the yield curve inverted in 2019 before the economy fell into a recession due to the COVID-19 epidemic. In 2007, the yield curve also inverted before the 2008 global financial crisis.
The topic of what the US Federal Reserve (FED) will do to protect the US financial system in the context of rising inflation is also of interest to investors. If according to the plan, the Fed will raise interest rates 7 times in 2022.
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at Blogtuan.info – Source: vtv.vn – Read the original article here
