Gold price today March 29, 2024: Set a new peak

Domestic gold price today

The price of domestic gold brands continues to increase, exceeding 81 million VND/tael. Currently, the price of gold bars of various brands is listed specifically as follows:

SJC gold price in Hanoi and Da Nang is listed at 79 million VND/tael for buying and 81.02 million VND/tael for selling. In Ho Chi Minh City, SJC gold is still being bought at the same price as in Hanoi and Da Nang but sold at 20,000 VND lower. Thus, compared to early this morning, SJC gold price has been adjusted up 100,000 VND in both directions.

Meanwhile, DOJI in Hanoi has adjusted the price of gold bars up by VND200,000 in both directions to VND79 million/tael for buying and VND81 million/tael for selling, respectively. In Ho Chi Minh City, this brand of gold is buying and selling at the same level as in Hanoi.

Vietinbank gold price is listed at 79 million VND/tael for buying and 81.02 million VND/tael for selling, up 100,000 VND in both directions. PNJ brand gold bars are buying at 79.1 million VND/tael and selling at 81.1 million VND/tael, up 300,000 VND for buying and 200,000 VND for selling compared to early this morning.

The buying and selling prices of Bao Tin Minh Chau brand gold are currently 79 million VND/tael and 80.95 million VND/tael, respectively, an increase of 100,000 VND for buying and 150,000 VND for selling.

World gold price

According to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was at 2,232.10 USD/ounce. Today's gold price is 34.36 USD/ounce higher than yesterday's gold price. Converted according to the current exchange rate at Vietcombank, the world gold price is about 65.918 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 13.082 million VND/tael higher than the international gold price.

Gold prices rose sharply in Asian trade today, nearing a record high as traders bought the yellow metal on signs of US inflation and interest rates.

Bullion prices have recovered much of this week’s losses on expectations that the Federal Reserve could cut interest rates as early as June. But the strength of the dollar, near a one-month high, has kept gold from hitting record highs.

The focus now turns to the PCE price index data - the Fed's preferred inflation gauge - due out on Friday. Any signs of cooling inflation are likely to send the metals market surging, as they increase the chances of an early rate cut.

Along with the PCE data, separate speeches from Fed Chairman Jerome Powell and FOMC member Mary Daly are also due on Friday. Any signals from either on rate cuts will be closely watched, after other Fed officials took a more hawkish stance this week.

Governor Christopher Waller warned that the central bank is in no rush to start cutting interest rates, citing sluggish inflation and the resilience of the US economy.

Higher interest rates over a longer period of time are bad for gold prices because they increase the opportunity cost of investing in bullion.

This sentiment also weighed on other precious metals. Platinum futures rose 0.3% to $914.00 an ounce, while silver futures were steady at $24.777 an ounce.

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