Gold rose slightly, about to explode?

Early on March 27 (Vietnam time), world gold price is standing at 1,958 – 1,959 USD/ounce, a slight increase of 3 USD compared to the previous session.

According to data from Kitco, in the 24 hours of trading before the end of the week, the world gold price was the lowest at 1,942 USD/ounce and the highest recorded at 1,963 USD/ounce.

Statistics show that the price of precious metals in the last 30 days increased by 2.59%, equivalent to an additional approximately 50 USD per ounce. In the past 6 months, the world gold price increased by 11.9%, helping each ounce add 208.3 USD.

According to analysts, the price of gold continues to increase when the World Gold Council (WGC) predicts that inflation will continue to persist and increase the attractiveness of this commodity. WGC predicts that gold will be an asset class that helps investors “diversify” their portfolios to hedge capital and cash markets.

In addition, global bond market yields have surged recently, with US Treasury yields nearing a three-year high. In addition, there are other ancillary factors, most notably the conflict in Ukraine or potential inflationary pressures…

Domestic gold price

Closing the week’s session, Saigon Jewelry Company SJC listed the price of SJC gold at 68.55 million dong/tael (buying in) and 68.27 million dong/tael (sold out).

Doji Group listed the gold price at 68.3 million dong/tael (buying in) and 69.2 million dong/tael (sold out).

Eximbank listed SJC gold bars at VND 68.7 million/tael (buy in) and VND 69.2 million/tael (sold out).

Gold price forecast

Commenting on the gold price next week, strategist Ilya Spivak of the financial site DailyFX (USA) said that the recent increase in gold is due to concerns about the situation in Ukraine, when the market has not seen any progress. development in negotiations.

The markets are still trying to find a foothold, said Jack Ablin, chief investment officer at Cresset Capital. It is difficult to assess the impact of interest rate increases on inflation, the economy, and profit growth. Not to mention a Russian-Ukrainian conflict that is choking oil supplies.

According to a survey by Kitco News, 12 out of 17 Wall Street analysts who participated think prices will rise next week; 4 analysts are bearish and 1 is price neutral in the near term.

In addition, 1,034 votes were made in the Main Street online polls with 743 for gold prices to rise; Another 158 people think that gold will decrease and 133 people have no opinion on gold price next week. The price that the market expects next week is $2,000/ounce.