This breakthrough requires domestic investors to continuously reassess macroeconomic risks in order to formulate safe trading strategies.
As of 9 AM on March 10th, the domestic gold market recorded a significant surge compared to its opening price at 7 AM, aligning with analysts' earlier price increase predictions.
Specifically, Saigon Jewelry Company Limited (SJC) significantly increased the price of gold bars to 182.5 - 185.53 million VND/ounce (buying price - selling price), a surge of 1.4 million VND/ounce compared to the beginning of the morning.
At DOJI Group, the trading price also recorded a strong upward trend, listed at 182.5 - 185.5 million VND/ounce, an increase of 1.4 million VND/ounce in both buying and selling prices.
A number of other major brands also quickly abandoned their opening prices. Phu Quy currently lists gold bars at 182.7 - 185.5 million VND/ounce.
For 9999 pure gold rings, the price adjustments are differentiated. Large systems distributed from Hanoi to Ho Chi Minh City, such as PNJ, recorded a sharp increase of 1.4 million VND/ounce, pushing the price up to 182.5 - 185.5 million VND/ounce.
Meanwhile, Bao Tin Minh Chau retreated to 181.5 - 184.5 million VND/ounce (down 500,000 VND/ounce), while Bao Tin Manh Hai maintained stable trading prices around 181.5 - 184.5 million VND/ounce.
This simultaneous price increase indicates the renewed heat in the precious metals market. Currently, the spread between buying and selling prices across the market is being pegged by gold dealers at 2.5 - 3.03 million VND/ounce, aiming to create a safe barrier against the risk of unpredictable international fluctuations.
Meanwhile, world gold prices recorded a slight upward trend in the latest trading session. Specifically, the price of gold on Kitco at 9:05 PM on March 9th New York time (8:05 AM on March 10th Vietnam time) was $5,138.7 per ounce, an increase of $2.7 (0.02%) compared to the previous session.
This development reflects the tug-of-war between two key market factors. On the one hand, the strengthening US dollar is putting downward pressure on gold prices, causing the price of the precious metal to fall by $3.41 (0.07%).
However, buying pressure in regular trading offset and even surpassed the pressure from the exchange rate, contributing to a gain of $14.61 (0.28%). As a result, gold prices maintained a slight upward trend, indicating that safe-haven demand and buying pressure in the market remain fairly stable, even though the US dollar continues to be a factor restraining the precious metal's short-term gains.
Investors are currently focused on whether gold prices can surpass the $5,200/ounce mark this week before making further decisions. According to CBS News, a sharp price surge pushed gold prices from around $2,624/ounce a year ago to a record high of $5,589/ounce in January. Gold prices then fell sharply in early March and are currently trading around $5,100/ounce.
Analysts who track gold prices across multiple cycles believe this is a familiar market development, as a healthy correction is seen within an ongoing uptrend.
Observers also believe that this month's correction did not stem from a single crisis but was mainly due to profit-taking, a common occurrence after a prolonged period of price increases.
On the other hand, the short-term recovery of the US dollar also put pressure on gold prices, as these two assets typically move in opposite directions. Many investors took advantage of the opportunity to take profits after gold rose more than 100% in the past 12 months.
Hiren Chandaria, Managing Director at Monetary Metals, commented: “Given the strength of the recent price surge and its current market position, I wouldn’t be surprised if gold experienced a sharp downward correction in the short term.”
According to Hiren Chandaria, when macroeconomic and structural factors remain positive, price dips often attract new buying interest, and the long-term uptrend is likely to continue.
Darius Dale, founder and CEO of 42 Macro, also agrees with this view. Speaking to CBS News, he stated that the macroeconomic environment continues to support gold prices, with global liquidity trending upwards, the prospect of a weakening US dollar, and the unresolved geopolitical supply-demand imbalance in the US Treasury bond market.
Source: https://baohatinh.vn/gia-vang-but-pha-post307173.html
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