Gold price update at the closing session on March 11: Domestic gold surges

SJC gold bar price

As of 6:00 PM, SJC gold bar prices were listed by DOJI Group at the threshold of 184.2-187.2 million VND/tael (buying - selling), an increase of 1.1 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at the threshold of 3 million VND/tael.

SJC gold bar price was listed by Bao Tin Minh Chau at the threshold of 184.4-187.2 million VND/tael (buying - selling), an increase of 1.3 million VND/tael on the buying side and an increase of 1.1 million VND/tael on the selling side. The difference between buying and selling prices is at the threshold of 2.8 million VND/tael.

Phu Quy Jewelry Group listed SJC gold bar prices at 184.4-187.2 million VND/tael (buying - selling), an increase of 1.3 million VND/tael on the buying side and an increase of 1.1 million VND/tael on the selling side. The difference between buying and selling prices is at 2.8 million VND/tael.

9999 gold ring price

As of 6:00 PM, DOJI Group listed the price of gold rings at the threshold of 184.2-187.2 million VND/tael (buying - selling), an increase of 1.1 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at the threshold of 3 million VND/tael.

Bao Tin Minh Chau listed the price of gold rings at the threshold of 183.5-186.5 million VND/tael (buying - selling), an increase of 200,000 VND/tael in both buying and selling directions. The difference between buying and selling prices is at the threshold of 3 million VND/tael.

Phu Quy Gold and Gems Group listed the price of gold rings at 184-187 million VND/tael (buying - selling), an increase of 1 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at 3 million VND/tael.

Currently, the buying - selling price difference of gold is at a very high level, around 3 million VND/tael, posing a risk of losses for investors.

World gold price

At 6:00 PM, world gold prices were listed around the threshold of 5,185.6 USD/ounce, slightly up 9.2 USD compared to the previous day, but showing signs of reversal in this afternoon's session.

Gold price forecast

The precious metals market continues to attract the attention of investors as gold and silver prices have had strong fluctuations recently. In the latest trading session, spot gold prices increased by about 50 USD/ounce, to nearly 5,200 USD/ounce, while silver increased more strongly, at times reaching nearly 90 USD/ounce. This development shows that demand for safe-haven assets is still maintained at a high level.

Many analysts believe that the increase in gold stems from expectations that the US Federal Reserve (Fed) will soon ease monetary policy. However, data from the CME FedWatch tool shows that the possibility of the Fed keeping interest rates unchanged in the upcoming meeting is up to about 99%.

Tensions in the Middle East are being seen as one of the factors supporting gold prices. Conflicts between the US, Israel and Iran have not shown signs of cooling down, increasing concerns about disruptions to global energy supplies. In the context of increasing geopolitical instability, cash flow tends to turn to safe assets such as gold and silver.

According to Ms. Rhona O'Connell - an analyst at StoneX, the most important factor driving gold prices in the current period is uncertainty. She believes that gold is no longer mainly seen as an inflation hedging tool as before, but has become a safe haven asset in the unpredictable global economic and political context.

From a longer-term perspective, Ms. Kristy Akullian - iShares Americas Regional Investment Strategy Director at BlackRock - said that the precious metal market still has many supporting factors. According to her, increased global public debt, central banks' demand for gold reserves and the role of portfolio diversification are important drivers for gold prices.

However, experts also note that after a period of strong increase, gold prices may experience short-term corrections due to profit-taking pressure. However, in the context of economic and geopolitical instability still existing, the long-term trend of the precious metal is still assessed as quite positive.