Gold price suddenly increased by half a million dong/tael

At the Hanoi market, closing transactions on the weekend (April 9), SJC gold price listed by Saigon Jewelry Company Limited at 68.65 – 69.47 million dong/tael (buy in – sell out), an increase of 450 thousand dong/tael in the buying direction and 400 thousand dong/tael in the buying direction. sold out in the afternoon compared to yesterday’s close.

With this increase, the domestic gold price last week was adjusted to increase by 500 thousand dong/tael. Previously, during the week, gold price continued to alternate between increasing and decreasing trading sessions, however, the fluctuation range was narrow at about 100,000 VND/tael.

As noted, in contrast to the busy trading scene after Tet, recently gold market No longer feverish by news from the Russia-Ukraine war, oil prices also cooled down. Compared to the peak of 74.4 million dong/tael in early March, up to now, after 1 month, the selling price of gold bars has evaporated by about 5 million dong/tael, the buying price has also decreased by about 4 million dong/tael.

Trade at a gold shop. (Photo: VNA)

On the world market, the gold futures price closed on April 8 slightly and rose for the whole week, as traders were not affected by the rising US bond yields and the strong dollar.

The price of gold for June delivery increased by 7.8 USD, or 0.4%, to 1,945.6 USD/ounce at the Comex exchange at the end of the week and increased 1.1% for the whole week.

According to market analyst at OANDA financial brokerage (USA) Craig Erlam, the US Federal Reserve (FED)’s move to raise interest rates has impacted other markets this week, except the market. gold field.

Gold price forecast

According to many experts, the uptrend of precious metals in the coming time is still unclear when gold’s role as a hedge against inflation can increase the price of this precious metal. But a strong USD will also put pressure on the prices of commodities priced in this currency.

The USD index, which measures the value of the currency against a basket of six other major currencies, is at its highest level since May 2020 at the start of the week.

Inflation and rising interest rates will be the factors that have the strongest influence on gold prices in the second quarter of this year. In which, the recovery of the global economy after the COVID-19 epidemic and supply disruptions are likely to push inflation higher.

However, gold also encountered resistance due to the US Federal Reserve’s (FED) policy to tighten monetary policy drastically to fight inflation. In addition, gold was also under downward pressure as US Treasury yields and the US dollar both increased due to the tough stance of the Fed. Therefore, it is unlikely that gold prices will increase as strongly as in March.

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