Gold price today March 23, 2024: SJC gold continues to plummet

Domestic gold price today March 23, 2024

At the close of the session on March 22, the price of 9999 gold bars at SJC Ho Chi Minh City was VND78 million/tael (buy) and VND80 million/tael (sell). SJC Hanoi listed at VND78 million/tael (buy) and VND80.02 million/tael (sell).

DOJI Hanoi listed at 77.7 million VND/tael (buy) and 79.7 million VND/tael (sell). DOJI Ho Chi Minh City bought SJC gold at 77.7 million VND/tael and sold at 79.7 million VND/tael.

According to some businesses, domestic gold prices are falling as the market awaits a new SJC gold bar management policy that could remove the monopoly on SJC gold and grant licenses to produce raw gold to some qualified businesses.

With domestic gold prices falling more sharply than world prices , the gap between domestic and world gold prices narrowed.

World gold price decreased nearly 2%

Gold prices fell on March 22 after hitting a near-record high in the previous session, helped by a stronger US dollar. However, they were still poised for a weekly gain after the US Federal Reserve announced that it expected three interest rate cuts by 2024.

Spot gold fell 0.7% to $2,166.20 an ounce by 1026 GMT. The precious metal is set for its fourth weekly gain in five weeks, currently up 0.5%. US gold futures also fell 0.8% to $2,168 an ounce.

In India, gold prices fell sharply by Rs 875 per ounce to Rs 66,575 per 10 grams in the last trading session of the week on March 22, due to the impact of a slight decline in the global market. In the previous transaction, the precious metal reached a settlement price of Rs 67,450 per 10 grams.

The rise in the US dollar pushed it to a one-month high, boosting the price of gold for holders of other currencies.

“Gold prices are down nearly 2% from their March 21 record high on profit booking/long liquidation and a strong recovery in the USD index above 104,” said Pranav Mer, commodities & currency research office BlinkX and JM Financial.

Gold prices hit a new all-time high on March 22, marking the fifth time this month. The rise came as Fed members reaffirmed their intention to cut interest rates by three-quarters of a percentage point this year, despite the latest signs of inflation.

“Gold prices have undergone a correction in the last two days, influenced by the rise in the US dollar index and profit booking after the sharp rally in March. Despite this correction, the overall outlook for gold remains positive. However, some volatility and further correction can be expected in the near term. The precious metal is expected to trade in the range of Rs 65,250-66,500 per 10 gram,” said Jateen Trivedi, research analyst at LKP Securities.

Meanwhile, investment in gold rose to its highest level in nearly a year in the week ending March 20 as investors pulled money out of stocks and other investments, according to Bank of America Global Research.

Early this morning, according to Reuters, the world spot gold price decreased 0.7% to 2,166.47 USD/ounce at 07:46 GMT.

US gold futures fell 0.8% to $2,168 an ounce.

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