The world gold price plummeted to “penetrate” the support level of $1,835 per ounce and the sell-off of other precious metals made gold vulnerable to deeper losses.
Domestic gold price
End of trading session yesterday, gold bar price 9999 at SJC and Doji listed as follows:
SJC HCMC: 68.8 million dong/tael (buy in) – 69.8 million dong/tael (sold out)
SJC Hanoi: 68.8 million dong/tael (buy in) – 69.82 million dong/tael (sold out)
Doji Hanoi: 68.7 million dong/tael (buy in) -69.4 million dong/tael (sold out)
Doji Ho Chi Minh City: 69.8 million dong/tael (buy in) – 69.5 million dong/tael (sold out)
International gold price
On the world gold market, the spot gold price in the US closed at $31.2/ounce to $1,821.5/ounce. Gold futures for delivery in June 2022 on the Comex New York exchange fell $29.1 to $1,824.6 per ounce.
Gold’s recent slide has wiped out most of the gains made during the safe-haven rally before and after the war in Ukraine that occurred at the end of February.
Federal Reserve Chairman Jerome Powell warned that controlling inflation could cause some economic difficulties but remained his top priority.
The Fed last week approved a 0.5% rate hike after a 0.25% hike in March. Markets expect the Federal Open Market Committee (FOMC) to set rates for another 0.5 percent increase. % in June and continue to raise interest rates until the end of the year.
According to BMO Capital Markets, to prevent a “complete downturn” in the US stock or credit markets, it is highly unlikely that the Fed will be able to reduce inflation.
The dollar hit a nearly two-decade high, weighing on demand for greenback-denominated bullion.
Gold price forecast
According to analysts, the gold market is in “danger zone” as prices move closer to $1,800 an ounce. This is solid support, but a break below could lead to more selling.
Edward Moya, senior analyst at OANDA Financial Services Company (USA) initially said that gold showed signs of stabilizing, but investors were still worried about inflation data. Besides, the stronger USD is affecting the gold price.
at Blogtuan.info – Source: vietnamnet.vn – Read the original article here