Gold price today, March 7: Unexpected drop

(NLDO) – Gold prices today suddenly reversed and went down even though the USD continued to fall in value and US stocks hit the floor.

World gold price today plummets

Last night, although the value of the USD continued to plummet and US stocks fell sharply, very little money flowed into the gold market.

The reason is believed to be that many gold investors are standing on the sidelines of the market, waiting for the US to release employment data today (March 7), to predict economic growth that could impact gold price trends.

On the other hand, European countries increased their defense budgets and military spending. This raised market expectations of strong economic growth in this sector. As a result, financial investors poured capital into stocks, making the world gold price difficult.

In the above context, gold "players" may speculate that this precious metal will fall into a disadvantageous position. Therefore, when gold traded in the range of 2,930 USD/ounce, many people sold to recover capital. The world gold price today was forced to go down and at 6:00 a.m. on March 7, it traded at 2,912 USD/ounce.

Previously, in Vietnam, at the end of March 6, the selling price of SJC gold decreased to 92.7 million VND/tael. The price of gold rings was 92.6 million VND/tael.

Source: https://nld.com.vn/gia-vang-hom-nay-7-3-bat-ngo-sut-giam-196250307065013706.htm