World gold prices have fallen below the $5,000/ounce mark.
After opening sideways on the morning of March 18th, at around 9 AM (Vietnam time), world gold prices began to weaken and officially fell below the $5,000/ounce mark.
According to data from Kitco, at 9 PM New York time on March 17th (8 AM Vietnam time on March 18th), the spot gold price reached approximately $5,003.9 per ounce, down $1.1 (equivalent to 0.02%) from the previous session. During the session, the price fluctuated within the range of $4,974.2 - $5,044.7 per ounce, indicating that the volatility range remained stable.
Trading activity showed that gold mostly traded sideways for the remainder of the session, then rose to around $5,010 per ounce before turning downwards, closing the session fluctuating near the $5,000 - $5,005 per ounce range.
However, by around 9:00 AM on March 18th (Vietnam time), the spot gold price on Kitco had fallen to approximately $4,993 per ounce, about $11 lower than the previous closing price.
The market is in a state of fluctuation as investors monitor macroeconomic factors such as the volatility of the US dollar, US government bond yields, and the monetary policy direction of the Federal Reserve (Fed).
Gold prices are currently fluctuating around the $5,000/ounce support level as the conflict in the Middle East enters its third week. However, investors remain cautious due to uncertainty surrounding the extent and duration of the conflict.
Some analyses suggest that gold prices are heavily influenced by US government bond yields, particularly 10-year bonds. If yields continue to rise amid increasing energy prices, gold could face pressure due to higher opportunity costs of holding.
Conversely, geopolitical risks remain a supporting factor, limiting a sharp decline in the price of this precious metal. However, in the event of increased market volatility, investors may sell gold to ensure liquidity, creating short-term downward pressure.
Furthermore, the drop in gold prices below $5,000 per ounce is believed to be related to the recovery of the DXY index, making gold less attractive. Based on the bank exchange rate, the world gold price is equivalent to approximately 158.5 million VND per tael.
Domestic gold prices fall, silver prices rise sharply.
Following the global trend, the domestic market recorded a slight downward adjustment on the morning of March 18th. Compared to the opening price at 8 AM, the price of gold decreased by approximately 100,000 - 200,000 VND per tael.
Specifically, at 9 AM, SJC gold bars at major businesses such as SJC, DOJI, and PNJ were listed at 180.0 million VND/ounce (buying price) and 183.0 million VND/ounce (selling price), a slight decrease in the selling price compared to the beginning of the session.
For 9999 gold rings, the adjustment was more pronounced. At Phu Quy, the listed price was 179.8 million VND/ounce (buying) and 182.8 million VND/ounce (selling), a decrease of 200,000 VND/ounce compared to the end of the previous day. Some other systems such as Bao Tin Minh Chau also traded around 180 - 183 million VND/ounce.
The buy-sell price spread continues to remain at around 3 million VND/ounce, indicating that businesses are still cautious about fluctuations in the international market. Compared to the converted world price, SJC gold bars are currently about 24.5 million VND/ounce higher.
Meanwhile, the silver market recorded positive developments. World silver prices rose to nearly $80 per ounce. At 8:26 AM on March 18th, silver was trading at $79.774 per ounce, up $0.475 (equivalent to 0.60%).
Based on the bank exchange rate (1 USD = 26,320 VND), the world price of silver is equivalent to approximately 2.1 million VND/ounce, or more than 67.5 million VND/kg.
At Phu Quy Group, silver bars are listed at 3.023 million VND/ounce (buying price) and 3.116 million VND/ounce (selling price). 1 kg silver ingots are trading around 80.613 million VND/kg (buying price) and 83.093 million VND/kg (selling price).
The spread between the buying and selling price of silver bars is approximately 93,000 VND/ounce, reflecting the caution of businesses amidst fluctuating exchange rates and investment demand.
Source: https://baohatinh.vn/vang-the-gioi-mat-moc-5000-usdounce-post307656.html
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