Gold price: World nearly 2,200 USD/oz, gold bars 82 million VND/tael, gold rings 70 million VND/tael

World gold prices set a new record in the trading session on Friday (March 8), moving closer to the 2,200 USD/oz mark, as the US unemployment rate increased, raising expectations that the Federal Reserve would Fed) is about to cut interest rates. Domestic gold prices today (March 9) reached a new all-time high, with gold ring prices reaching 82 million VND/tael and gold ring prices exceeding 70 million VND/tael.

Closing in the New York market, spot gold price closed Friday’s session at 2,179.6 USD/oz, up 19.2 USD/oz, equivalent to an increase of nearly 0.9%, compared to yesterday’s closing session. ago – according to data from the Kitco exchange. This price is equivalent to more than 65.2 million VND/tael if converted according to the USD selling exchange rate at Vietcombank.

Compared to yesterday, the converted world gold price has now increased by 500,000 VND/tael. This week, the converted world gold price increased by 3 million VND/tael. Domestically, the retail price of SJC gold bars increased by about 1.4 million VND/tael, while the retail price of gold rings increased by about 3 million VND/tael.

Earlier this afternoon, Phu Quy Group listed the price of SJC gold bars for the Hanoi market at 79.6 million VND/tael (buying) and 82 million VND/tael (selling). Compared to yesterday morning, the price of SJC gold bars at this enterprise is currently down 200,000 VND/tael on the buying side but up 200,000 VND/tael on the selling side.

The Phu Quy 999.9 plain round ring is priced at 69.4 million VND/tael and 70.7 million VND/tael, corresponding to the buying and selling prices, an increase of 1.8 million VND/tael at each end of the price.

Bao Tin Minh Chau Company quotes the price of 999.9 plain round gold ring of Thang Long Dragon brand at 69.48 million VND/tael and 70.78 million VND/tael, an increase of 1.7 million VND/tael and 1.8 million VND/tael. VND/tael compared to yesterday morning.

In the Ho Chi Minh City market, SJC Company quoted the price of gold bars of the same brand at 79.5 million VND/tael and 82 million VND/tael, respectively down 200,000 VND/tael and up 300,000 VND/tael compared to yesterday morning. . SJC round rings are priced at 68.3 million VND/tael (buying) and 69.55-69.65 million VND/tael (selling) depending on product weight, an increase of 1.3 million VND/tael at each end of the price. compared to yesterday morning.

World gold prices have continuously set records this week, and Friday’s closing price was an all-time high. During the session, the price of gold for immediate delivery reached an all-time high at more than 2,195 USD/oz, according to data from Kitco. Gold prices began to “crash” the old record set last December on Tuesday.

Current developments  world gold this week.  Unit: USD/oz.
World gold price developments this week. Unit: USD/oz.

On Friday, gold prices received a new boost from the US employment report.

Data from a report from the US Department of Labor shows that the number of new jobs in the country’s non-agricultural sector in February was larger than forecast, reaching 275,000 new jobs compared to the forecast number. 198,000 new jobs that economic experts reported in a survey by Dow Jones news agency. This data is a signal that the economy may still be growing hot.

But on the other hand, the unemployment rate unexpectedly increased slightly to 3.9% – due to more people looking for jobs – and wage growth was weaker than forecast. These are seen as signs that inflation has fallen enough to convince the Fed to start lowering interest rates soon. In addition, January’s employment growth rate was also adjusted down compared to the first announcement.

This week, gold prices benefited greatly from investors’ increased bets that the Fed would cut interest rates in June. This expectation has retreated from forecasts at the beginning of the year that the Fed would begin to reduce interest rates. interest rates this spring. However, analysts say that the Fed’s move closer and closer to the pivot is providing important support to the precious metals market.

All week, spot gold prices increased by nearly 100 USD/oz, equivalent to an increase of about 4.8%, marking the strongest weekly increase since October last year.

“We think this bullish premise for gold will maintain. It is a combination of expectations that the Fed will reduce interest rates this year and the weakening of the USD,” said director of precious metals trading at High Ridge Futures, Mr. David Meger.

The Dollar Index, which measures the strength of the USD against a basket of six other major currencies, closed Friday’s session with a decrease of nearly 0.1%, to more than 102.7 points. Along with that, the 10-year US Treasury bond yield fell to its lowest level in more than a month.

After the US jobs report was released, the likelihood of the Fed cutting interest rates in June according to investors’ bets on the futures interest rate market increased slightly to 73% – according to data from the FedWatch Tool. of CME. Along with that, the possibility of the Fed raising interest rates in May also increased to about 30%.

“The jobs report is seen as a data point that points to a Fed rate cut in June. Gold prices will continue to move higher, but a short-term accumulation period may be necessary.” , said independent precious metals trader Tai Wong in New York.

The world’s largest gold exchange-traded fund (ETF) SPDR Gold Trust continues to be a net seller. Discharging about 1.5 tons of gold in Thursday’s session, reducing the holding volume of this “shark” fund to more than 815.1 tons of gold. This week, the fund sold a net of more than 8.5 tons of gold, after discharging 28 tons of gold in the previous 4 weeks.

USD quotes at Vietcombank closed the week at 24,470 VND (buy) and 24,840 VND (sell), down 30 VND at each price compared to Friday morning this week but up 30 VND this week.

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