Gold prices fell in the context of a strong USD and not much positive peace talks between Russia and Ukraine.
Domestic gold price
End of trading session yesterday, 9999 gold bar price at SJC and Doji listed as follows:
SJC Hanoi: 68.4 million VND/tael (buy in) – 69.12 million VND/tael (sold out)
SJC HCMC: 68.4 million dong/tael (buy in) – 69.1 million dong/tael (sold out)
Doji Hanoi: 68.25 million VND/tael (buy in) – 68.95 million VND/tael (sold out)
Doji Ho Chi Minh City: 68.3 million dong/tael (buy in) – 69 million dong/tael (sold out)
|Gold price today|
International gold price
On the world gold market, spot gold price in the US increased by 4.3 USD/ounce to 1,937.2 USD/ounce. Gold futures for delivery in April 2022 on the Comex New York exchange rose $15.7 to $1,949.2 per ounce.
By attracting money to flow into safe havens when Russia and Ukraine in conflictthe dollar gained about 1.6% in March. The dollar strengthened against other major currencies, making gold more expensive for investors holding other currencies.
The US Commerce Department said the third revised figures showed that the Gross Domestic Product (GDP) grew by 6.9% in the fourth quarter of 2021, down slightly from the previous estimate of 7%.
Data showed US consumer spending slowed markedly in February, while price pressures continued to mount, with inflation soaring since the early 1980s.
In addition, the US Federal Reserve hinted at a sharp increase in interest rates this year to combat soaring inflation, which investors fear could tip the US economy into a recession.
Gold price is always sensitive to US interest rate adjustments, because an increase in interest rates will help strengthen the USD but reduce the attractiveness of non-yielding assets such as gold significantly.
Meanwhile, Russia’s gold and foreign currency reserves fell to $604.4 billion as of March 25, the lowest level since August 2021, from $643.2 billion before the conflict. in Ukraine.
Gold price forecast
The geopolitical situation has dragged on for a month now and inflation data continues to pick up, said Bob Haberkorn, senior market strategist at RJO Futures.
The general sentiment in the market right now is that everyone is looking for safety. Gold is considered a safe investment in times of political and financial uncertainty.
Phillip Streible, market strategist at Blue Line Futures Investment Brokers in Chicago, US warned that if the talks broke down, gold prices could rise back to $1,950 an ounce.
at Blogtuan.info – Source: vietnamnet.vn – Read the original article here