At the beginning of this morning's session, at 6:5 a.m. (Hanoi time), the world gold spot price was around the threshold of nearly 2.154 USD/ounce, down nearly 2 USD/ounce compared to last week's closing session.
The domestic gold market stood still yesterday, March 16, the price of SJC gold bars turned down sharply on the buying side and maintained the selling side compared to the previous session. Specifically, SJC gold price in Ho Chi Minh City stands around 3 - 79,2 million VND/tael (buy - sell).
In Hanoi and Da Nang, SJC gold price is in the range of 79,2 - 81,72 million VND/tael (buying - selling), sharply decreasing by 500.000 VND/tael on the buying side and keeping the selling price compared to the previous closing session. The difference between buying and selling increased from 2 million VND to 2,5 million VND/tael.
SJC gold price at Doji Group on Hanoi market, buying - selling around 79,4 - 81,4 million VND/tael, decreased sharply by 300.000 VND/tael in both buying and selling directions 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 down 200.000 VND/tael for selling compared to the previous closing session. 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 Thang Long dragon gold plain round gold ring at Bao Tin Minh Chau Company stood at 68,13 - 69,43 million VND/tael (buying - selling), dropping sharply by 250.000 VND/tael for both buying and afternoon. sold compared to the previous session's close. The difference between buying and selling is 1,3 million VND/tael.
Doji Group's Doji 9999 gold ring in the Hanoi market stood at 68,4 - 68,1 million VND/tael, down 69,4 VND/tael for buying and selling compared to the previous closing session. The difference between buying and selling is 100.000 million VND/tael.
According to the World Gold Council, gold prices have increased sharply in the international market recently due to increased demand in the Chinese market, when the USD and 10-year US Government bond yields both fell sharply.
However, experts say that world gold prices are under pressure as the need to take profits still increases. US economic data for February released last week showed a positive increase and employment was still good, helping the USD reverse and increase for 2 consecutive sessions since the end of last week.
Right at the beginning of this morning's session, 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 a.m. this morning (Hanoi time).
The USD is supported and gold prices fall when the market predicts that the US Federal Reserve (Fed) will keep the USD operating interest rate at a high level of 5,25-5,5% at the beginning of this March meeting. Wednesday, March 3.
