Gold price fell sharply | VTV.VN

At 9:20 a.m., in Hanoi market, Saigon Jewelry Company listed gold price SJC was at 68.15 – 68.87 million dong/tael (buying in – selling out), down 150,000 dong and 200,000 dong per tael, respectively, compared to last week’s closing session.

At DOJI Jewelry Group, the business also adjusted down the price of SJC gold by 150,000 VND/tael in both buying and selling direction compared to the closing session last week. Currently, the gold price is trading around 68.1 – 68.8 million VND/tael (buy in – sell out).

At Phu Quy Jewelry Company, the listed price of SJC gold bars traded at 68.2 – 68.85 million VND/tael (buying in – selling out), a decrease of 50,000 VND in the buying afternoon. and sold compared to last week’s session.

World gold price

On the world gold market, at 7:30 am this morning, the spot gold price on Kitco stood at 1,925 USD/ounce, equivalent to 53.08 million VND/tael. Converted at the free USD exchange rate without taxes, world gold is nearly 16 million dong/tael cheaper than domestic gold.

After the impressive growth in the first quarter, the gold price dropped sharply right at the beginning of the second quarter. (Illustration – Photo: Bloomberg)

Before that, closing the trading session on April 1, spot gold price fell 0.8%, down to 1,921.86 USD/ounce. Gold futures delivery lost 1.6%, down 1,923.7 USD/ounce. The price of this precious metal decreased by 1.8% for the whole week (from March 28 to April 1).

The rally in the dollar and 10-year US Treasury yields are making gold less attractive to buyers holding other currencies, analysts say.

However, Bart Melek, head of commodity strategy at TD Securities, said: “The US Federal Reserve (FED) policy has a long way to go to return to normal and gold will continue to be solid.”

After impressive Q1 growth, gold prices plummeted at the start of Q2. Investors are closely watching 2-year and 10-year US Treasury yields as the yield curve inverts. .

“An inverted yield curve could push the US economy into a recession as the Fed continues to raise interest rates,” said Paul Ashworth from Capital Economics. If according to plan, the Fed will raise interest rates 7 times this year. Base interest rates in the US will increase to 1.9% by the end of this year and reach 2.8% by the end of 2023.

“The yield curve inversion may or may not lead to a recession. However, it is a warning to investors to be cautious going forward,” said DailyFX strategist Michael Boutros.

Mr. Boutros also forecast that the event will not have much impact on precious metals. On the positive side, gold will benefit more than risk.

Recently, UOB bank (Singapore) also said 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. Therefore, the price of precious metals will be at $2,100/ounce in Q2, hit $2,150/ounce in Q3 and reach $2,200/ounce in Q4.

Gold price forecast

A Wall Street survey shows that five analysts (28%) expect gold prices to rise this week; while 10 experts (56%) forecast a drop in prices; and 3 people (17%) think the price is flat.

According to the survey results of Main Street, 336 respondents (56%) believe that gold will increase in price next week; Another 170 (28%) predicted a drop in prices; and 98 people (16%) have a neutral opinion.

Adrian Day, president of the company Adrian Day Asset Management, assessed that the current gold price trend is not much different from before the conflict in Ukraine. As the market focuses on the policy decision of the Fed and the European Central Bank, the gold price will continue its uptrend.

Jean Lusk, co-head of trade hedging at Walsh Trading, said that although gold is struggling to find new upside momentum, he still sees times of decline as buying opportunities for long-term investments. term.

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