Gold price turns down, SJC gold falls below 100 million VND/tael

ANTD.VN - After many sessions of strong increases, continuously breaking records, the gold market has cooled down, the price of SJC gold has no longer maintained the threshold of 100 million VND/tael.

Domestic gold prices began to decline yesterday afternoon and continued to decline this morning.

As of 9:30 a.m., SJC gold was listed at SJC Company, major gold trading enterprises and commercial banks at VND97.50 - 99.50 million/tael. Compared to yesterday's closing price, the national gold brand decreased by VND300,000/tael in both directions, and compared to the same time yesterday morning, it decreased by VND1.1 million/tael in buying price and VND900,000/tael in selling price.

Meanwhile, gold rings, after surpassing the 101 million VND/tael mark, have also cooled down. At the same time, Bao Tin Minh Chau gold rings were listed at 98.60 - 100.40 million VND/tael. DOJI Hung Thinh Vuong gold rings were listed at 98.30 - 99.90 million VND/tael; Phu Quy rings were listed at 8.20 - 100.00 million VND/tael. SJC 999.9 rings were listed at 97.70 - 99.70 million VND/tael.

SJC gold can no longer maintain the threshold of 100 million VND/tael

Domestic gold prices fell in the context of the international market also adjusting after a hot increase. In the trading session on March 20 in the US and European markets (last night, early this morning Vietnam time), the precious metal initially soared to a new record high (3,065 USD/ounce for monthly gold but then also turned down due to profit-taking pressure.

However, constant buying pressure at falling prices helped gold prices recover most of the session's decline, closing at nearly $3,044/ounce, up slightly more than $2 during the session.

Spot gold also showed similar developments, currently trading around $2,035/ounce, up slightly from the opening time.

The sharp move in the precious metal came a day after the US Federal Reserve (Fed) ended its March Open Market Committee (FOMC) meeting with a decision to maintain interest rates at the current level of 4.25% to 4.50%.

In a post-meeting press conference, Fed Chairman Powell expressed concerns about the current administration's trade policies, saying they may have contributed to slowing US economic growth while increasing inflationary pressures.

In their official statement, Fed officials forecast slowing economic growth and rising inflation, noting in particular concerns about the Trump administration's approach to trade, which has put both the economy and the ability to maintain monetary policy stability "under increasing pressure."

Hours after the Fed's decision, President Donald Trump criticized the central bank on social media, saying the Fed would be "much better off lowering interest rates" as US tariffs begin to trickle into the economy.

Despite some profit-taking pressure, according to many experts, the outlook for gold is still very bright as it has not yet fully demonstrated its safe-haven role for retail investors as we are witnessing a recession in the world's largest economy becoming increasingly evident.

Market participants have now shifted their focus from monetary policy to the US administration’s trade measures and their potential consequences. With tariffs on imports from Canada and Mexico set at 25% and tariffs on Chinese imports at 20%, investors around the world are bracing for the inevitable impact of higher prices from these tariffs and possible retaliatory measures by other countries in response.

Source: https://www.anninhthudo.vn/gia-vang-quay-dau-giam-vang-sjc-tuot-nguong-100-trieu-dongluong-post606695.antd