Gold price on March 18, 2024: Continued decline as USD continues to strengthen

At the beginning of this morning's session, at 6:05 a.m. (Hanoi time), the world spot gold price was around 2,154 USD/ounce, down nearly 2 USD/ounce compared to the closing price at the end of last week.

The domestic gold market stood still yesterday, March 16, the price of SJC gold bars turned down sharply in the buying direction and remained stable in the selling direction compared to the previous session. Specifically, the price of SJC gold in Ho Chi Minh City stood around 79.2 - 81.7 million VND/tael (buy - sell).

In Hanoi and Da Nang, SJC gold price was around 79.2 - 81.72 million VND/tael (buy - sell), down sharply by 500,000 VND/tael for buying and unchanged for selling compared to the previous closing price. The difference between buying and selling increased from 2 million VND to 2.5 million VND/tael.

SJC gold price at Doji Group in Hanoi market, buying - selling around 79.4 - 81.4 million VND/tael, down sharply 300,000 VND/tael for buying and selling compared to the previous closing session. The difference between buying and selling is 2 million VND/tael.

SJC gold price at Bao Tin Minh Chau Company stood at 79.6 - 81.45 million VND/tael, down sharply by 450,000 VND/tael for buying and 200,000 VND/tael for selling compared to the previous closing price. The difference between buying and selling increased from 1.6 million VND to 1.85 million VND/tael.

The price of gold rings in yesterday's session continued to decrease compared to the previous session. Specifically, the price of smooth round gold rings of Thang Long dragon gold at Bao Tin Minh Chau Company stood at 68.13 - 69.43 million VND/tael (buy - sell), a sharp decrease of 250,000 VND/tael for both buying and selling compared to the previous session's close. The difference between buying and selling was 1.3 million VND/tael.

Doji Group's 9999 Doji ring gold in Hanoi market stood at 68.4 68.1 - 69.4 million VND/tael, down 100,000 VND/tael for both buying and selling compared to the previous session. The difference between buying and selling was 1.3 million VND/tael.

According to the World Gold Council, the recent sharp increase in gold prices on the international market is due to high demand in the Chinese market, when the USD and the yield on 10-year US government bonds have both fallen sharply.

However, experts say that the world gold price is under pressure as profit-taking demand continues to increase. Positive economic data released last weekend in the US for February and good employment have helped the USD reverse and increase for three consecutive sessions since last weekend.

Early this morning, the USD continued to increase in the international payment basket. Specifically, the Dollar-Index - measuring the strength of the greenback compared to 6 major currencies - increased by 0.05% to 103,067 points at 6:26 am this morning (Hanoi time).

The US dollar was supported and gold fell as the market predicted that the US Federal Reserve (Fed) would keep the US dollar interest rate at a high level of 5.25-5.5% in its March meeting starting tomorrow, March 19.

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