Gold reversed to increase in price

6 am this morning March 18 (Vietnam time), world gold price on the Kitco floor traded at 1942 USD/ounce, up 13 USD/ounce compared to the early hours of the morning.

World gold prices reversed up today after the US Federal Reserve (FED) raised interest rates for the first time since 2018 and outlined a plan to control inflation, while pointing to the great uncertainty that the economy is facing. economy faced because of the crisis in Ukraine and COVID-19.

Gold is very sensitive to an increase in US interest rates, but because the Fed’s policy decision is predictable, the precious metal market did not react too much when the announcement was made.

Domestic gold price

Domestic gold price ended the trading session on March 17, Saigon Jewelry Company listed SJC gold price at 67.3 million VND/tael (buy in) and 68.52 million VND/tael (sell in) out).

DOJI Group currently lists the gold price at 67.2 million dong/tael (buy in) and 68.7 million dong/tael (sold out).

Gold price forecast

Many forecasts say that the conflict in Ukraine will hardly be completely resolved in 2022. Gold will benefit from geopolitical uncertainties.

Western sanctions on Russia and China’s temporary closure of cities to control the COVID-19 epidemic may further disrupt commodity chains, thereby pushing inflation higher. also, both in the US and in Europe.

According to technical analysis, if the gold price surpasses the level of 1,950 USD/ounce, the buying force will increase strongly and create the premise to touch the resistance level of 1,975 USD/ounce. Further afield, the next resistance is at $2,000/ounce.