Gold price today (afternoon of March 21): Plunging without brakes

After two days of skyrocketing prices, today's gold price (afternoon of March 21) plummeted, down 1.4 million VND/tael for SJC gold and 1 million VND/tael for ring gold in the buying direction.

As of noon on March 21, SJC gold bars across brands had a sharp reversal, dropping by VND1.4 million/tael (buy) and VND900,000/tael (sell). Specifically, SJC gold bars of Saigon Jewelry Company (SJC) and DOJI Jewelry Group are trading at VND96.4 - 98.9 million/tael (buy - sell). Bao Tin Minh Chau and Phu Quy Jewelry Group are buying at VND96.6 million/tael; selling at VND98.9 million/tael.

PNJ brand gold rings in Hanoi and Ho Chi Minh City are being bought at 97.1 million VND/tael, down 1 million VND/tael compared to yesterday; sold at 99.2 million VND/tael, down 700,000 VND/tael.

Thus, in just the past month (from February 21 to March 21), SJC gold has increased dramatically by 7 million VND/tael (buy) and 7.2 million VND/tael (sell).

Gold price today (afternoon of March 21) decreased by 1.4 million VND/tael in buying direction. Illustrative photo

In the world market, Gold prices fell in the trading session on March 20, after hitting a record high earlier in the session. However, gold is expected to continue its upward trend thanks to expectations that the US Federal Reserve (Fed) will cut interest rates, along with geopolitical and economic uncertainties.

At the end of this session, at the COMEX exchange (USA), the spot gold price decreased by 0.3%, down to 3,038.79 USD/ounce due to increased profit-taking pressure, after reaching a record high of 3,057.21 USD/ounce at the beginning of the session. Meanwhile, the gold futures price closed up 0.1%, up to 3,043.80 USD/ounce.

"Investors are taking advantage of the opportunity to take profits. Whenever gold hits a new high, there is usually a bit of resistance," said Alex Ebkarian, CEO of Allegiance Gold. He also said that gold has not yet really acted as a safe haven for individual investors because the US economy has not fallen into recession. However, slowing growth could increase concerns, boosting demand for safe assets like gold.

Source: https://baolangson.vn/gia-vang-hom-nay-chieu-21-3-lao-doc-khong-branh-5041667.html