With the difference with the world price still very large, up to 16 million VND/tael for SJC gold bars and about 4-5 million VND/tael for gold rings as currently, if the supply of SJC gold bars is improved, It is likely that domestic gold prices will fall further.
Investors are currently quite cautious with gold, especially in the last 10 days of March. Recently, the pressure to take profits on this commodity is quite large.
Recently, Deputy Prime Minister Le Minh Khai requested the State Bank to preside over and coordinate with relevant agencies to urgently implement seriously, fully, effectively, and promptly the tasks and solutions to stabilize the gold market. delivered in dispatches and directives of the Prime Minister and official dispatches of the Government Office.
At the same time, the Deputy Prime Minister assigned the State Bank of Vietnam to coordinate closely with relevant agencies to urgently carry out inspection, examination, control, and supervision closely, comprehensively, with focus and focus on gold market. Along with that, there is supervision and inspection of the activities of gold trading businesses, stores, gold bar trading and distribution agents and other entities participating in the market.
Since the end of last year until now, the Government has repeatedly requested the State Bank of Vietnam to take measures to manage the gold market to prevent gold bar prices from being too high compared to the world.
World gold, meanwhile, is under downward pressure after a long rally and is facing a two-day monetary policy meeting of the US Federal Reserve (Fed).
Gold price forecast
It is almost certain that the Fed will not reduce interest rates during the ongoing meeting. However, investors wait for statements from Fed Chairman Jerome Powell to find clues about US monetary policy.
Currently, the spot gold price is still above the threshold of 2,150 USD/ounce. This was the resistance level during the strongest price increase in December 2023.
However, precious metals were affected by information about home construction activities in the US skyrocketing 10.7% in February. This is a signal that the US economy is quite stable and the Fed may further delay the decision to cut interest rates.
The USD hanging at a high level will negatively affect gold.
The DXY index – measuring the fluctuations of the greenback compared to 6 major currencies – at the beginning of the trading session on March 19 on the US market (night of March 19, Vietnam time) increased sharply, to 103.9 points. .