Gold price on March 16, 2024: World price drops sharply, SJC still increases strongly

At 6:05 a.m. this morning (Hanoi time), the world spot gold price was around 2,156 USD/ounce, down more than 6 USD/ounce compared to the same time yesterday morning.

At the close of last night's session - early this morning ( Hanoi time), the world spot gold price in the US market stood at 2,156 USD/ounce, down more than 6 USD/ounce compared to the previous session's close.

The domestic gold market stood still yesterday, March 15, the price of SJC gold bars continued to increase strongly in both buying and selling directions compared to the previous session, despite the sharp decrease in the international market. Specifically, the price of SJC gold in Ho Chi Minh City stood around 79.7 - 81.7 million VND/tael (buy - sell).

In Hanoi and Da Nang, SJC gold price is around 79.7 - 81.72 million VND/tael (buy - sell), up 200,000 VND/tael for buying and selling compared to the previous session. The difference between buying and selling is 2 million VND/tael.

SJC gold price at Doji Group in Hanoi market, buying - selling around 79.7 - 81.7 million VND/tael, increased 200,000 VND/tael for buying and selling compared to the previous closing session. The difference between buying and selling is 2 million VND/tael.

SJC gold price at Bao Tin Minh Chau Company stood at 80.05 - 81.65 million VND/tael, up 450,000 VND/tael for buying and up 150,000 VND/tael for selling compared to the previous closing price. The difference between buying and selling prices decreased from 1.9 million VND to 1.6 million VND/tael.

The price of gold rings in yesterday's session reversed and decreased compared to the previous session. Specifically, the price of Thang Long gold rings at Bao Tin Minh Chau Company stood at 68.38 - 69.68 million VND/tael (buy - sell), down 50,000 VND/tael for buying and down 150,000 VND/tael for selling compared to the previous session. The difference between buying and selling was 1.3 million VND/tael.

Doji Group's 9999 Doji ring gold in Hanoi market stood at 68.4 68.2 - 69.5 million VND/tael, down 200,000 VND/tael for buying and down 350,000 VND/tael for selling compared to the previous closing price. The difference between buying and selling was 1.3 million VND/tael.

The world financial market received more positive economic news from the US. Specifically, last night (Hanoi time), the US economy announced that monthly industrial output in February increased from a decrease of 0.31% to a decrease of 0.23%. Annual US industrial output in February increased again by 0.1% compared to the same period last year, after decreasing by 0.5% in the previous month, higher than the forecast of 0%.

Overall manufacturing output in the US in February also rebounded 0.8% year-on-year, after falling 1.1% in the previous month and higher than the forecast of a 0.3% increase.

Earlier, the US announced that retail sales in February increased sharply from a 1.1% decrease in the previous month to 0.6%, although lower than the forecast of 0.8% increase, this figure was quite positive compared to January. Retail sales in the year to February increased by 1.5% compared to the same period last year, much higher than the 0.04% increase in January. This shows that spending demand in the US has increased strongly again in February.

Notably, the US Producer Price Index (PPI) in February increased by 0.6% month-on-month compared to January, higher than the forecast and achieved in the previous period of 0.3%. The PPI index on a year-on-year basis increased by 1.6% compared to the same period last year, much higher than the 1% increase in January and higher than the previously forecast 1.1%.

Thus, after positive economic data caused the USD to continue to increase in the international payment basket, investors have not stopped taking profits on gold.

Experts say that gold prices will continue to be under profit-taking pressure when the US Federal Reserve (Fed) meets for March 20-19. Forecasting tools predict that the Fed will keep interest rates at the current high level of 5.25-5.5% in this month's meeting and forecasts that the Fed will lower interest rates in June have also been greatly reduced by the tools.

Experts believe that the Fed is unlikely to lower its policy interest rate this year as inflation is persistent and difficult to reduce. Meanwhile, spending and consumption demand remains strong. This will support the USD and cause gold to fall further.

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