This morning, the world gold price was listed on the Kitco exchange at 2.233 USD/ounce, a shocking increase of 43 USD per ounce compared to yesterday morning.
Gold prices hit a record high and recorded their best month in more than three years, boosted by expectations of US interest rate cuts and strong safe-haven demand. Spot gold increased nearly 3%, marking the best month since July 2 with a 7% increase and the second consecutive quarter of increase.
Talking about the recent spike in gold, market analyst Everett Millman of Gainesville Coins said that gold's breakthrough was driven by concerns about geopolitical tensions. While there are some signs that inflation is running hotter than policymakers would like, that doesn't necessarily explain gold's current high valuations, Millman added.
World gold prices this morning rose to a record high. (Illustration photo: Minh Duc)
Gold price developments
+ Domestic gold price
At 6:15 a.m. on March 29, SJC Jewelry Company listed gold bar prices at 3 - 79 million VND/tael (buy - sell), an increase of 81 VND/tael in both directions compared to early yesterday morning.
The price of 1-5 plain round gold rings is only listed by this company at 68,5 - 69,75 million VND/tael (buying - selling), an increase of 250.000 VND/tael for buying and an increase of 300.000 VND/tael for selling.
At the same time, the price of SJC gold bars was also listed by Doji Jewelry Group at 79 - 81 million VND/tael (buy - sell), an increase of 200.000 VND/tael.
Meanwhile, the price of 9999 round gold ring is listed at 69,4 - 70,7 million VND/tael (buying - selling), an increase of 450.000 VND/tael for buying and an increase of 550.000 VND/tael for selling.
+ World gold price
The world gold price listed on the Kitco exchange is at 2.233 USD/ounce, an increase of 43 USD per ounce compared to yesterday morning. This is a record high for world gold prices.
Gold price forecast
Barchart senior market analyst Darin Newsom said the recent increase in gold prices is a signal that investors are worried that the Fed will not be able to control inflation. Newsom also said that gold will be well supported as a tool to hedge against geopolitical risks.
According to CME Group's FedWatch tool, 72% of investors predict the possibility that the Fed will start cutting interest rates in June. Lower interest rates reduce the opportunity cost of holding gold.
Commodity analysts at BMO Capital Markets predict that the average gold price this year will fluctuate around 2.169 USD/ounce, an increase of 11% compared to the previous forecast. In particular, in the fourth quarter, BMO forecasts that the average gold price will reach about 2.250 USD/ounce, up 13% compared to previous estimates.
Mr. Matt Simpson, senior analyst at City Index, said that gold prices are unlikely to fall too deeply in the context of prolonged geopolitical tensions and the possibility that central banks of countries are inclined to cut interest rates. .
