Gold price today March 16, 2024 on the world market decreased after gloomy US economic data. Domestic gold price stabilized above 81 million VND/tael. Finance Banking Gold price today March 16, 2024: World price decreased, Hanagold gold anchored above 69 million VND/tael
Gold price today March 16, 2024 on the world market decreased after gloomy US economic data. Domestic gold price stabilized above 81 million VND/tael.
Domestic gold price today March 16, 2024
At the close of the session on March 15, the price of 9999 gold bars at SJC Ho Chi Minh City was VND79.7 million/tael (buy) and VND81.7 million/tael (sell). SJC Hanoi listed at VND79.7 million/tael (buy) and VND81.72 million/tael (sell).
DOJI Hanoi listed at 79.7 million VND/tael (buy) and 81.7 million VND/tael (sell). DOJI Ho Chi Minh City bought SJC gold at 79.7 million VND/tael and sold at 81.7 million VND/tael.
International gold price today March 16, 2024
The price of gold on the Kitco floor (at 8:00 p.m. on March 15, Vietnam time) was trading at $2,161/ounce, down 0.02% from the beginning of the session. The price of gold futures for April 2024 delivery on the Comex New York floor was trading at $2,164/ounce.
World gold prices fell. Photo: KitcoGold prices fell in the early trading session in the US. According to data from the Federal Reserve Bank of New York (New York Fed), manufacturing activity in New York was less positive. The Empire State Manufacturing Index survey fell to -20.9 in March, much lower than -2.4 in February.
Manufacturing activity fell sharply in New York state in March, new orders fell and labor market conditions remained weak, said Richard Deitz, chief economic adviser at the New York Fed.
The result cooled expectations of an early Fed rate cut, while boosting US government bond yields and the US dollar.
The US Dollar Index (DXY), which measures the greenback's movements against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), fell to 102.95 points.
Meanwhile, the yield on 10-year US bonds rose to its highest level in more than a week.
Gold Price Forecast
Chris Gaffney, global markets expert at EverBank, said that gold prices will continue to be under pressure. Investors are wondering when the Fed will decide to start cutting interest rates.
Florian Grummes, CEO at Midas Touch Consulting, said he sees gold prices hitting a new high above $2,200 an ounce, breaking out of the long-standing $1,900-2,075 an ounce trading range.
The next target for gold is $2,535 an ounce. According to him, corrections in gold prices are buying opportunities.
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Source: Investing
