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  • • Domestic gold price
  • • International gold price
  • • Gold price forecast

Domestic gold price

At the close of the session on March 16, the price of 9999 gold bars at SJC Ho Chi Minh City was 79.2 million VND/tael (buy) and 81.7 million VND/tael (sell). SJC Hanoi listed at 79.2 million VND/tael (buy) and 81.72 million VND/tael (sell).

DOJI Hanoi listed at 79.4 million VND/tael (buy) and 81.4 million VND/tael (sell). DOJI Ho Chi Minh City bought SJC gold at 79.4 million VND/tael and sold at 81.4 million VND/tael.

International gold price

Gold prices on the Kitco floor closed the trading week at $2,155/ounce, down 0.27% from the beginning of the session. Gold futures for April 2024 delivery on the Comex New York floor traded at $2,159/ounce.

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World gold prices closed the week down. Photo: Kitco

After setting an all-time record last week, world gold prices this week stabilized in the range of 2,153-2,184 USD/ounce. The market recorded many profit-taking transactions.

Hotter-than-expected US CPI report, weak retail sales and rising PPI have negatively impacted precious metals. Recent economic data shows that inflation remains high.

The US central bank has signaled since the beginning of the year that interest rates will fall in 2024, but it wants inflation to fall back to its 2% target before starting a new easing cycle.

Although the market still expects the Federal Reserve to cut interest rates at its June monetary policy meeting, confidence in the Fed’s move is starting to wane. Next week, the Fed will hold a two-day policy meeting on March 19-20.

According to the CME FedWatch Tool, the market sees just a 55% chance of a rate cut. Last Friday, the market saw a more than 80% chance of monetary easing.

The US Dollar Index (DXY), which measures the greenback's movements against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), rose to 103.45 points.

Gold Price Forecast

Gold's strong rally is being driven in part by expectations that the Fed will begin a new easing cycle in June, said Stefano Pascale, a derivatives strategist at Barclays.

Escalating geopolitical tensions are also a factor that helps maintain demand for gold to preserve assets.

Gold’s nine-day rally this month is one of the longest streaks on record for the precious metal, but the upside potential for gold could be limited in the near term, he added.

According to experts, with current market developments, gold prices next week will remain above the $2,000/ounce mark.