| Gold prices rise as US economy loses momentum Gold prices have fallen more than 15% year-to-date |
Gold price domestic
At noon on March 18, the price of SJC gold traded at Saigon Jewelry Company in Ho Chi Minh City was around 79.00 - 81.00 million VND/tael, down 200 thousand VND/tael for buying and down 700 thousand VND/tael for selling compared to yesterday's closing price. The difference between buying and selling is 2 million VND/tael.
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The price at Saigon Jewelry Company in Hanoi is around 79.00 - 81.02 million VND/tael, down 200 thousand VND/tael for buying and down 700 thousand VND/tael for selling compared to yesterday's closing price. The difference between buying and selling is 2 million VND/tael.
The price of SJC gold bars at Bao Tin Minh Chau Company is trading around 79.05 - 80.90 million VND/tael, down 550 thousand VND/tael for buying and down 550 thousand VND/tael for selling compared to the previous closing price.
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At Phu Quy Group, the price of SJC gold bars is currently trading around 79.00 - 80.90 million VND/tael for buying and selling, down 600,000 VND/tael for buying and down 600,000 VND/tael for selling compared to yesterday.
The price of SJC gold bars at Bao Tin Manh Hai Company is trading around 78.90 - 80.90 million VND/tael, down 700,000 VND/tael for buying and down 720,000 VND/tael for selling compared to the previous closing price.
In addition, the price of 999.9 gold rings (24k) today also followed a downward trend. Specifically, the price of Thang Long dragon gold bars and plain round rings at Bao Tin Minh Chau Company was traded at 67.76 - 68.90 million VND/tael for buying and selling, down 660 thousand VND/tael for buying and down 600 thousand VND/tael for selling compared to yesterday.
Thang Long 999.9 (24k) gold jewelry is trading around 67.20 - 68.70 million VND/tael, down 300 thousand VND/tael for buying and down 400 thousand VND/tael for selling compared to yesterday.
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| Gold price traded at Bao Tin Manh Hai |
Similarly, Thang Long Gold Dragon blister rings and Kim Gia Bao blister rings are being traded at Bao Tin Manh Hai Company at around 67.76 - 68.96 million VND/tael for buying and selling, down 460 thousand VND/tael for buying and down 400 thousand VND/tael for selling compared to yesterday's closing price.
The price of 999.9 gold is around 67.00 - 68.70 million VND/tael, down 400 thousand VND/tael for buying and down 400 thousand VND/tael for selling compared to yesterday's closing price. The price of 99.9 gold is currently around 66.90 - 68.60 million VND/tael, down 300 thousand VND/tael for buying and down 400 thousand VND/tael for selling compared to yesterday's closing price.
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| Gold price traded at Phu Quy Group |
At Phu Quy Group, Phu Quy 999.9 round rings and Phu Quy 999.9 God of Wealth rings are trading around 67.70 - 68.90 VND/tael, down 400,000 VND/tael for buying and down 400,000 VND/tael for selling compared to yesterday.
24K 999.9 gold is trading around 67.10 - 68.60 million VND/tael, down 100 thousand VND/tael for buying and down 300 thousand VND/tael for selling compared to yesterday.
World gold price
In the first trading session of the new week (Vietnam time), the world gold price is recording a slight downward trend, commonly trading at 2,151 USD/ounce, down about 5 USD compared to the closing session at the end of last week.
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| World gold price chart this afternoon |
The world gold price is also falling below the record level of nearly 2,200 USD/oz set more than a week ago. Investors in the international gold market are becoming more cautious as this week there are monetary policy meetings of a series of major central banks, including the Bank of Japan (BOJ), the Reserve Bank of Australia (RBA), the US Federal Reserve (Fed), the Swiss National Bank (SNB) and the Bank of England (BOE).
Statements from these meetings can cause volatility in currencies and global asset prices. Gold is particularly sensitive to monetary policy because it does not carry interest. The prospect that major central banks — with the exception of the BOJ — will start cutting interest rates this year has been a recent catalyst for gold’s rally.
The gold market has taken the lead and is set for further correction after a relatively quiet week, according to Barclays, a major British bank.
Gold prices have risen more than 5% this month, despite falling short of last week’s high above $2,200 an ounce. In recent comments, Stefano Pascale, equity derivatives strategist at Barclays, said that gold’s strong rally is being driven in part by expectations that the Federal Reserve will begin a new easing cycle in June.
He added that gold’s nine-day rally this month was one of the longest streaks on record for the precious metal. However, he said that the upside potential for gold could be limited in the near term.
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