In yesterday's trading session, the domestic gold market fluctuated quite strongly. After falling by more than 1 million VND in the morning session, this precious metal recovered almost all of what it had lost in the afternoon session.
In this morning's trading session, the market continued to recover. At the opening of the trading session, SJC gold increased by 200 thousand VND per tael, to 116 - 118 USD/ounce.
The price of gold rings recorded an increase of 500 - 700 thousand per tael. Accordingly, Bao Tin Minh Chau plain round rings were listed at the beginning of the trading session at 114 - 117 million VND/tael; DOJI Hung Thinh Vuong rings at 111.5 - 113.7 million VND/tael; Phu Quy rings at 111.5 - 114.5 million VND/tael; SJC rings at 111.5 - 114 million VND/tael.
In the world , gold prices skyrocketed in the trading session in the US market on March 2 (last night, early this morning Vietnam time). Accordingly, spot gold increased by more than 92 USD in the session, to 3,380.6 USD/ounce.
This morning in the Asian market, the precious metal cooled down somewhat and as of 9:00 a.m. Vietnam time was trading around $3,372/ounce.
The precious metal is trading near a three-week high as safe-haven demand once again increases as trade tensions between the world’s two largest economies heat up.
US President Donald Trump accused China of violating a recent trade deal late last week. President Trump also said US tariffs on steel and aluminum would increase this week to 50%. Headlines in some newspapers suggested that trade talks between the US and China were going badly.
A fragile economic environment amid lackluster US economic data, and this aggressive US tariff move risks further escalating tensions with major trading partners, especially China.
Market participants are increasingly concerned that this new round of protectionism could create inflationary pressures and weigh on global growth. In such an environment, gold tends to perform better, both as a hedge against inflation and as a refuge from stock market volatility.
In other news, JP Morgan CEO Jamie Dimon warned in a speech at an economic forum that "you're going to see a crack in the bond market" unless the US takes steps to tackle its soaring national debt.
Additionally, a lower US dollar index and a sharp rise in crude oil prices also provided outside market bullish momentum for the precious metal.
(According to ANTĐ)
Source: https://baoyenbai.com.vn/12/351184/Gold-price-increases-when-commerce-is-growing-more-and-more.aspx
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