Gold price update morning of March 11th: Soaring, regaining important resistance level

Khương Duy |

Gold price update morning of March 11: World gold rebounds, regaining the important psychological threshold of 5,200 USD/ounce.

SJC gold bar price

As of 6:00 AM, SJC gold bar prices were listed by DOJI Group at the threshold of 183.1-186.1 million VND/tael (buying - selling), an increase of 2 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.

Diễn biến giá vàng SJC những phiên giao dịch gần đây. Biểu đồ: Khương Duy
SJC gold price movements in recent trading sessions. Chart: Khuong Duy

SJC gold bar prices were listed by Bao Tin Minh Chau at the threshold of 183.1-186.1 million VND/tael (buying - selling), an increase of 2 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.

Phu Quy Jewelry Group listed SJC gold bar prices at 183.1-186.1 million VND/tael (buying - selling), an increase of 1.8 million VND/tael in both directions. The difference between buying and selling prices is at 2.8 million VND/tael.

Giá vàng miếng SJC tại một số đơn vị kinh doanh. Đơn vị: đồng/lượng. Bảng: Khương Duy
SJC gold bar price at some business units. Unit: VND/tael. Table: Khuong Duy

9999 gold ring price

As of 6:00 AM, DOJI Group listed the price of gold rings at the threshold of 183.1-186.1 million VND/tael (buying - selling), an increase of 2 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.

Diễn biến giá vàng nhẫn những phiên giao dịch gần đây. Biểu đồ: Khương Duy
Gold ring price movements in recent trading sessions. Chart: Khuong Duy

Bao Tin Minh Chau listed the price of gold rings at 183.3-186.3 million VND/tael (buying - selling), an increase of 1.8 million VND/tael in both buying and selling directions. The difference between buying and selling prices is at 3 million VND/tael.

Phu Quy Gold and Gems Group listed the price of gold rings at 183-186 million VND/tael (buying - selling), an increase of 1.9 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.

Giá vàng nhẫn trơn tại một số đơn vị kinh doanh. Đơn vị: đồng/lượng. Bảng: Khương Duy
Price of plain gold rings at some business units. Unit: VND/tael. Table: Khuong Duy

World gold price

At 0:15 AM, world gold prices were listed around the threshold of 5,233.9 USD/ounce. Compared to the previous day, world gold prices increased by 140.7 USD.

Diễn biến giá vàng thế giới những phiên giao dịch gần đây. Biểu đồ: Khương Duy
Developments in world gold prices in recent trading sessions. Chart: Khuong Duy

Gold price forecast

Gold and silver prices rose sharply as safe-haven demand increased due to market instability related to the war with Iran and how long the conflict could last. The weakening USD index during the day also positively supported the precious metals market.

Gold futures for April delivery increased by 115.8 USD, to 5,217.2 USD/ounce. Silver futures for May delivery increased by 5.087 USD, to 89.59 USD/ounce.

According to Kitco, US President Donald Trump said on Monday that the US and Israel are making significant progress in the war with Iran and the conflict could end "very soon", thereby easing the upward momentum of oil prices. However, he later also said that the war could last for a while longer.

On the same day, War Minister Hegseth said today could be the day Iran suffers the most intense bombings ever. In general, the war situation with Iran is still developing very unpredictable. Even when the US wants to end the war, Iran is still firing missiles at targets across the Middle East, although the frequency has gradually decreased.

Technically, the next price increase target of the buying side for the April gold contract is to close above the strong resistance level at the previous week's peak of 5,434.1 USD/ounce.

Conversely, the near-term price reduction target of the selling side is to push the futures contract price below the important support level of 5,000 USD/ounce.

The nearest resistance level is seen at 5,250 USD/ounce, followed by 5,300 USD. The first support level is at the overnight bottom of 5,127.1 USD/ounce and then 5,100 USD/ounce.

Important external markets today showed a weakening USD index, while Nymex crude oil prices fell sharply and are trading around 84 USD/barrel after soaring to nearly 120 USD at the beginning of Monday. The yield on 10-year US Treasury bonds is currently around 4.1%.

Gold price data is compared to the previous day.

The world gold and silver market operates based on two main pricing mechanisms. The first is the spot market, which quotes for immediate buying and selling and delivery. The second is the futures market, which determines the price for delivery at a time in the future.

Due to the year-end position adjustment and market liquidity factors, the December gold futures contract is currently the most actively traded contract on the CME exchange.

See more news related to gold prices HERE...

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