World gold rose to the threshold of 1,980 USD P2

 World gold rose to the threshold of 1,980 USD

Gold prices spiked on Friday (March 17) as a wave of banking crises rocked the market, helping the gold price record its strongest weekly gain in four months.

Closing Friday's session, the spot gold contract advanced 3.1% to $1,977.89 an ounce, its highest level since April 2022. The gold contract has jumped 5.8% this week.

Gold futures added 2.6% to $1,973.50 an ounce.

Tai Wong, Independent Metals Trader in New York, said: “Gold is rallying on concerns that more bad banking news could emerge later in the week and hopes that the Fed will pause rate hikes by the end of the week. next week".

The bankruptcy of Silicon Valley Bank (SVB) in the US has highlighted the banks' vulnerabilities to significantly higher interest rates, while the plunge in Credit Suisse shares added to the turmoil in the market.

“Gold could shine in the uncertainty as investors adopt a cautious stance,” said Lukman Otunuga, Senior Research Analyst at FXTM.

The US dollar and stock market were on fire, making gold more attractive to investors. While the precious metal is seen as a hedge against economic uncertainty, the opportunity cost of holding gold increases when interest rates are high.

The Fed will raise interest rates by 25 basis points on March 22 despite recent turmoil in the banking sector, according to most economists polled by Reuters.

The price of SJC gold bars increased and decreased around the price of 67 million dong/tael, while the price of precious metals in the international market could not determine a specific direction when the Federal Reserve (Fed) met next week on monetary policy. bad.

SJC gold bar price decreased slightly by 200,000 dong/tael, Eximbank (HM: EIB) bought 66.5 million dong/tael, sold 67 million dong; Mi Hong Jewelry Company bought 66.1 million dong, sold 67 million dong… Gold jewelry bought at 54 million dong, sold 54.8 million dong. SJC gold bar price is 12 million VND/tael higher than the world price.

The price of SJC gold bars is around 67 million VND/tael. Ngoc Thang

World gold price increased by 2 USD/ounce, to 1,921 USD/ounce. In the US session (the night of March 16), the price of gold rose sharply to $1,934 per ounce (from $1,911 per ounce) but then quickly dropped to near $1,911 per ounce. 

The fluctuations in the US and European financial markets are making gold prices vulnerable, increasing and decreasing continuously. Usually, news of bank bankruptcy or affected bank liquidity will cause gold to increase in price. However, the news that the Fed will meet next week on monetary policy, whether to decide to raise interest rates or not, makes it difficult for gold prices to rise.

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