World gold prices find new motivation, domestic prices struggle

The world gold price stagnated at 2,170 USD/oz when it could not find new motivation to break out, causing the domestic gold bar price to struggle at 80 million VND/tael, while the price of gold rings was quite stable below the 70 mark. million VND/tael. Compared to the converted world gold price, the retail price of SJC gold bars is nearly 15 million VND/tael higher.

At 9:00 a.m. this morning (March 26), Phu Quy Group listed the price of SJC gold bars for the Hanoi market at 77.9 million VND/tael (buying) and 79.9 million VND/tael (selling). ).

Compared to yesterday morning, the price of SJC gold bars in Phu Quy is currently down 200,000 VND/tael on the buying side and down 100,000 VND/tael on the selling side. However, compared to late yesterday afternoon, the price of SJC gold bars at this enterprise is currently increased by 200,000 VND/tael at each end of the price.

Phu Quy 999.9 round gold ring is priced at 68.45 million VND/tael and 69.7 million VND/tael, corresponding to the buying and selling price, an increase of 50,000 VND/tael compared to yesterday morning but unchanged from the end of the hour. yesterday afternoon.

Bao Tin Minh Chau Company quotes the price of Thang Long 999.9 Dragon round ring at 68.62 million VND/tael and 69.82 million VND/tael.

In the Ho Chi Minh City market, SJC Company quoted the price of gold bars of the same brand at 78 million VND/tael and 80 million VND/tael, down 300,000 VND/tael at each price compared to yesterday morning.

SJC round rings have a buying price of 68 million VND/tael and a selling price of 69.25-69.35 million VND/tael depending on product weight. The buying price remains unchanged but the selling price increases by 50,000 VND/tael each time. price increase compared to yesterday morning.

At the same time, spot gold prices in the Asian market decreased by 0.3 USD/oz compared to the closing session on Monday in the US, trading at 2,171.3 USD/oz – according to data from the exchange. Kitco. This price is equivalent to about 65.2 million VND/tael if converted according to the USD selling exchange rate at Vietcombank.

In the US session last night, spot gold price increased by 6.2 USD/oz, equivalent to an increase of nearly 0.3%, closing at 2,171.6 USD/oz.

Gold prices continue to be supported by investors’ expectations that the US Federal Reserve (Fed) will cut interest rates three times this year. However, investors are waiting for an important inflation report released this week to determine when the Fed may launch interest rate cuts.

Current developments  world gold in the past 5 years.  Unit: USD/oz - Source: TradingEconomics.
World gold price developments over the past 5 years. Unit: USD/oz – Source: TradingEconomics.

The personal consumption expenditure price index (PCE) report is expected to be released by the US Department of Commerce on Friday morning local time. Investor reaction to this data point will take place on Monday, as markets will be closed for Good Friday on Friday.

According to TD Securities chief strategist Bart Melek, gold prices could easily reach $2,300/oz or higher in the second quarter of this year – as individual investors and exchange-traded funds (ETFs) , those who have not really bought gold until now – jump into the market once interest rates are actually cut. However, he also warned that if US economic data strengthens, gold could be sold off.

In the first session of the week, the USD dropped in price, helping to relieve the downward pressure that gold had to face in Friday’s session. The Dollar Index closed the session at more than 104.2 points, from 104.4 points in the previous session.

According to data from CME’s FedWatch Tool, the market is betting on a 70% chance of the Fed starting to lower interest rates in June.

Analysts say that in addition to the prospect of falling interest rates, gold prices are also being supported by gold buying to diversify foreign exchange reserves of central banks and the world’s need to hold gold to hedge against risks. invest.

Vietcombank this morning quoted USD price at 24,560 VND (buy) and 24,930 VND (sell), down 10 VND at each price compared to yesterday morning.

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