Under the pressure of the USD, the gold price leveled off

At 6 am this morning, April 16 (Vietnam time), the world gold price on the Kitco floor traded at 1,974 USD/ounce, unchanged from the early hours of yesterday.

Gold price slowed down due to the increase in USD and US government bond yields.

The USD index broke the key psychological 100 level on Thursday to 100.36 points.

Rising US Treasury yields are also boosting the greenback and putting pressure on the precious metal.

However, geopolitical factors are supporting the gold price. Tensions escalated further when Russia threatened to deploy nuclear weapons and hypersonic missiles if Sweden and Finland joined NATO.

Domestic gold price

At the end of the trading session on April 15, Saigon Jewelry Company listed the price of SJC gold at 69.1 million dong/tael (buying in) and 69.72 million dong/tael (sold out).

DOJI Group listed the gold price at 68.95 million dong/tael (buying in) and 69.55 million dong/tael (sold out).

Gold price forecast

The gold price trend is unlikely to change in the short-term, experts say, with the Fed still expected to raise interest rates by 50 basis points next month to curb inflation. Gold continues to be supported as an asset hedge against new developments in Ukraine.

Michael McCarthy, chief strategy officer at brokerage firm Tiger Brokers (Australia), said that the strength of the greenback and the prospect of higher interest rates are reducing the attractiveness of gold.