Gold price update at the closing session 18.3: Sudden drop

SJC gold bar price

As of 6:00 PM, SJC gold bar prices were listed by DOJI Group at 180-183 million VND/tael (buying - selling), unchanged in both buying and selling directions. The difference between buying and selling prices is at 3 million VND/tael.

SJC gold bar price is listed by Bao Tin Minh Chau at 180-183 million VND/tael (buying - selling), unchanged in both buying and selling directions. The difference between buying and selling prices is at 3 million VND/tael.

Phu Quy Jewelry Group listed SJC gold bar prices at 180-183 million VND/tael (buying - selling), unchanged in both buying and selling directions. The difference between buying and selling prices is at 3 million VND/tael.

9999 gold ring price

As of 6:00 PM, DOJI Group listed the price of gold rings at 180-183 million VND/tael (buying - selling), unchanged in both buying and selling directions. The difference between buying and selling prices is at 3 million VND/tael.

Bao Tin Minh Chau listed the price of gold rings at the threshold of 179.2-182.2 million VND/tael (buying - selling), down 800,000 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 179.5-182.5 million VND/tael (buying - selling), down 300,000 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 5:30 PM, world gold prices were listed around the threshold of 4, 981.8 USD/ounce, down 35.5 USD.

Gold price forecast

World gold prices are under adjustment pressure as the market increases concerns about the possibility that the US Federal Reserve (Fed)'s monetary policy will maintain a tight state for longer than expected. This development stems from the fact that energy prices, especially crude oil, are still hovering at a high level due to geopolitical tensions in the Middle East showing no signs of cooling down.

Oil prices maintaining above the threshold of 100 USD/barrel are increasing global inflationary pressure, thereby strengthening long-term high interest rate expectations. In an environment of high interest rates, gold - which is an unprofitable asset - becomes less attractive than other profitable investment channels.

According to Mr. Jamie Dutta - market analyst at Nemo. money, the biggest concern now is the scenario of interest rates remaining high for a long time due to rising energy prices. He believes that if the conflict in the Middle East continues, this pressure will become even clearer, thereby adversely affecting gold prices in the short term.

Besides the interest rate factor, the market is also closely monitoring the developments of the conflict in the Middle East, which has now entered its third week. Instability related to energy supplies and oil transportation through important shipping routes continues to be a major variable for the global financial market.

However, some experts believe that the trend of gold is still closely dependent on the developments of US bond yields. Mr. Daniel Pavilonis - senior commodity broker at RJO Futures - said that precious metals are having a certain correlation with the stock market and bond yields. When yields increase, gold tends to bear downward pressure.

Mr. Pavilonis warned that in a negative scenario, if geopolitical tensions escalate and oil prices continue to rise, the market may witness a widespread sell-off wave, pulling gold prices down. Even, it is possible that gold prices may retreat to the 4,200 USD/ounce zone.

However, in the long term, supporting factors such as the central bank's demand for stockpiling, the risk of inflation and the trend of asset diversification are still expected to support gold prices in the medium and long term.

Notable economic data of the week

US Producer Price Index (PPI), BoC interest rate decision, Fed monetary policy decision, BoJ monetary policy decision.

Monetary policy decisions SNB, BoE, ECB; weekly US jobless claims; Philly Fed manufacturing survey; new home sales in the US.