Gold price update morning of March 16th: Unpromising prospects

SJC gold bar price

As of 6:00 AM, SJC gold bar prices were listed by DOJI Group at the threshold of 179.6-182.6 million VND/tael (buying - selling). The difference between buying and selling prices is at the threshold of 3 million VND/tael.

SJC gold bar price is listed by Bao Tin Minh Chau at the threshold of 179.6-182.6 million VND/tael (buying - selling). 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 179.6-182.6 million VND/tael (buying - selling). The difference between buying and selling prices is at 3 million VND/tael.

9999 gold ring price

As of 6:00 AM, DOJI Group listed gold ring prices at the threshold of 179.6-182.6 million VND/tael (buying - selling). 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 180-183 million VND/tael (buying - selling). The difference between buying and selling prices is at 3 million VND/tael.

Phu Quy Jewelry Group listed the price of gold rings at the threshold of 179.5-182.5 million VND/tael (buying - selling). The difference between buying and selling prices is at the threshold of 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 AM, world gold prices were listed around the threshold of 5,017.7 USD/ounce.

Gold price forecast

World gold prices ended the trading week in a state of stalemate as the precious metal continued to fluctuate around the 5,000 USD/ounce mark. After a period of strong increase before that, the market is entering a correction phase as investors are cautious about macroeconomic factors and upcoming monetary policy.

The latest survey by Kitco News shows that the short-term outlook for gold is less bright. In a survey of 15 Wall Street experts, only 40% predict gold prices will increase next week, while 40% believe the precious metal may decrease. The rest believe that the market will continue to move sideways as risk factors are still intertwined.

In addition, online surveys with individual investors also show increased cautious sentiment. Although the majority still expect gold prices to increase, the proportion of investors predicting that the precious metal will decrease or remain unchanged is increasing compared to the previous week.

According to many experts, the biggest pressure on gold in the short term comes from the monetary policy of the US Federal Reserve (FED). When inflation is still high, the FED can hardly quickly cut interest rates. A longer-term high interest rate level will continue to support the USD and bond yields, thereby putting pressure on the precious metal.

Mr. Rich Checkan - Chairman and COO of Asset Strategies International, said that the market may witness a correction as the Federal Open Market Committee (FOMC) meeting takes place next week.

According to him, if the FED decides to keep interest rates unchanged, gold prices may face downward pressure in the short term because the market sees this as a disadvantageous signal for the precious metal.

Some other experts also warn that fluctuations in bond yields and the energy market may continue to affect gold prices. In the context of rising US bond yields and global financial markets still unstable, precious metals may continue to face adjustment pressure in the near future.

However, many analysts believe that the long-term trend of gold is still supported by geopolitical risks and the volatile global economic environment. However, in the short term, gold prices may continue to fluctuate strongly as the market waits for clearer signals from monetary policy and global economic developments.