Specifically, at 8:35 AM, Saigon Jewelry Company and Phu Quy Gold Company both listed the price of SJC gold at 166.9 - 169.9 million VND/ounce (buying price - selling price), a decrease of 1.6 million VND/ounce compared to the end of yesterday.
Meanwhile, silver prices saw a slight upward adjustment. At Phu Quy Gold Company, silver bars are currently trading at 2.573 - 2.653 million VND/ounce (buy - sell), an increase of 25,000 VND/ounce in both buying and selling prices compared to the end of yesterday.
Global gold prices fell sharply during the night trading session on March 26th (Vietnam time), as the US dollar strengthened and oil prices rose, increasing concerns about inflation and leading the market to forecast that interest rates will remain high. At the same time, the market is also monitoring developments related to the possibility of reaching a ceasefire agreement in the Middle East.
At the close of trading, spot gold prices fell 2.7% to $4,384.38 per ounce, while US gold futures also dropped 3.9% to $4,376.3 per ounce. Thus, since the conflict erupted on February 28th, gold prices have fallen by approximately 17% in total.
A stronger US dollar makes gold more expensive for holders of other currencies. According to expert Jim Wyckoff at Kitco Metals, gold prices are under pressure from high interest rates and inflation concerns. He predicts that if the conflict continues, prices could fall below $4,000 per ounce, while a ceasefire and expectations of US interest rate cuts could bring gold prices back closer to $5,000 per ounce. Analysts at Intesa Sanpaolo suggest that speculation and increased liquidity demand in the early weeks of the conflict have rendered gold and silver less attractive as safe-haven assets in the short term.
Besides gold, other precious metals also fell sharply: silver dropped 5% to $67.71 per ounce, platinum fell 4.2% to $1,839.67 per ounce, and palladium dropped 5% to $1,352.82 per ounce. At the same time, stable US employment data suggested that the Federal Reserve (Fed) does not yet need to lower interest rates anytime soon.
Source: https://vtv.vn/gia-vang-chua-dung-da-giam-100260327095036754.htm
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