Gold turns to rise in price

At 6 am this April 1 (Vietnam time), the world gold price on the Kitco floor traded at 1,935 USD/ounce, up 02 USD/ounce compared to the early hours of the morning.

Gold prices rose slightly as Russia-Ukraine tensions weakened risk appetite and boosted demand for gold.

Gold is often seen as a store of value in times of geopolitical and financial uncertainty, and is also seen as a hedge against inflationary pressures.

Gold prices increased due to a sharp drop in oil prices. Last night, crude oil price on Nymex dropped sharply to around 101 USD/barrel. Oil prices fell on reports that the Biden administration was considering releasing 1 million barrels of oil per day in the coming months from strategic petroleum reserves that totaled 180 million barrels.

According to Reuters, the recent increase in US interest rates and the prospect of more hikes are negatively affecting the precious metal, as it increases the opportunity cost of owning non-yielding assets like gold.

Domestic gold price

At the end of the trading session on March 31, Saigon Jewelry Company listed the price of SJC gold at 68.15 million VND/tael (buying in) and 68.87 million VND/tael (sold out).

DOJI Group listed the gold price at 67.9 million dong/tael (buying in) and 68.85 million dong/tael (sold out).

Gold price forecast

Currently, gold is struggling in 2 trends. Many expect gold to continue rising due to geopolitical and inflationary risks. Meanwhile, some people fear that this item will decrease because interest rates in many countries around the world may increase rapidly.

Gold’s uptrend is also limited as peace talks in Ukraine continue to have positive signals. The bears may be betting on hopes of a deal to end the Ukraine conflict.

Gold is also under pressure when the virtual currency market is active again. Bitcoin is heading towards the $50,000 threshold.