SJC gold price today
Experts say that from now until Decree 24 is amended, domestic gold prices will continue to fluctuate.
Normally, the larger the difference between domestic and world gold prices, the stronger the upward pressure on the USD/VND exchange rate, especially the exchange rate on the free market.
This has been clearly demonstrated in recent times when domestic gold prices have continuously broken records to exceed 82 million VND/tael. At the same time, the black market USD exchange rate has also been anchored around the all-time high of over 25,000 VND.
Observing this development, the analysis team from Dragon Capital Securities Company (VDSC) is not too concerned about the pressure on the devaluation of the VND because the USD/VND exchange rate is still fluctuating within the allowed range. However, VDSC once again emphasized that the State Bank of Vietnam (SBV) may need to take advantage of tools such as foreign exchange reserves or come up with new solutions to manage the gold market to limit the devaluation of the VND in March 2024.
Dr. Nguyen Tri Hieu - a banking and finance expert - predicts that from now until Decree 24 is amended, gold prices will continue to fluctuate. If the issue of the national gold brand SJC and the gold importer are both changed when Decree 24 is amended, it will create more stability for the gold market.
9999 gold ring price
The price of gold rings has not changed much. Currently, the price of smooth round gold rings is listed by Bao Tin Minh Chau at 68.33-69.63 million VND/tael (buy - sell). Compared to the closing price of yesterday's trading session, the price of gold rings by Bao Tin Minh Chau decreased by 50,000 VND/tael for both buying and selling.
Meanwhile, Saigon Jewelry listed the buying and selling prices at 67.8-69.1 million VND/tael. Compared to the closing price of yesterday's trading session, the ring gold price was kept unchanged by Saigon Jewelry in both buying and selling directions.
Phu Nhuan Jewelry (PNJ) listed the price at 67.9-69 million VND/tael (buy - sell). Compared to the closing price of yesterday's trading session, PNJ kept the price of gold rings unchanged for both buying and selling.
World gold price
World gold prices did not change much in the context of a strong increase in the USD index. Recorded at 7:00 p.m. on March 23, the US Dollar Index, which measures the fluctuations of the greenback against 6 major currencies, was at 104.115 points (up 0.43%).
Gold Price Forecast
Buying momentum appears to have run out for now, said Daniel Ghali, commodity strategist at TD Securities. Gold is correcting but there is still plenty of room for gains as the Federal Reserve cuts interest rates. Lower interest rates make gold cheaper for investors holding other currencies.
Phillip Streible, chief market strategist at Blue Line Futures, said the decline in the Swiss franc helped push the US dollar higher, which hurt gold.
Traders are predicting a 72% chance the Fed will start cutting rates by June 2024, up from 65% before the decision from the latest meeting.
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