[ad_1]
 |
| World gold prices are making a comeback with new conquering steps after a sharp drop last week. (Source: Alamy) |
Update the price of gold today
World gold prices have risen to the highest level in a week after previous sharp declines. The market just received more support when the US Congress approved the $ 1.9 billion economic rescue package, in the context of falling bond yields. At the same time, the United States Department of Labor said, this country’s CPI in February rose 0.4%, as expected.
Session opened on December 3, recorded by TG&VN At 6:45 am (Vietnam time), the spot price of gold on the Kitco floor is a slight increase of $ 0.7 traded at 1,723.8 – 1,724.8 USD / ounce. A few hours earlier, at 3:30 p.m. on March 11, the spot price of gold rose sharply by USD 12 (0.69%) to 1,738.9 USD / ounce, after that, there were continuous ups and downs in a narrow band.
|
Gold price update today March 12, the strong momentum of the last afternoon session stopped in the morning session. In the city. Ho Chi Minh City, Saigon Jewelry Company (SJC) listed the price of SJC gold in 55.40 – 55.80 VND / tael (buy to sell), was adjusted down 150,000 VND / tael in the buy direction and maintained the sell direction compared to the closing session of the previous afternoon. The difference between the sale price and the buyback price was widened to VND 400,000 / tael. In Hanoi, the Bao Tin Minh Chau system fixed the price of SJC gold at 55.42 – 55.75 VND / tael, decreased in both the buy and sell directions compared to the last afternoon session. Gold price 999.9, Dragon Thang Long gold brand is also in an uptrend, currently included in 51.86 – 52.51 million / tael. |
In the closing session on March 11, the SJC gold price rallied strongly after the global surge, continually adjusted to rise and increased by several hundred thousand dong after just half a day, the selling price was approaching the 56.0 million dong of copper.
In the city. Ho Chi Minh City, Saigon Jewelry Company (SJC) listed the price of SJC gold in 55.55 – 55.80 VND / tael (buy-sell), increased 500,000 VND / tael in the afternoon of purchase and 400,000 VND / tael in the afternoon to sell compared to the opening session in the morning. The difference in the sale price is greater than the purchase price of 350,000 dong / tael.
In Hanoi, the price of SJC gold in the Bao Tin Minh Chau system also rose strongly and rose continuously since the morning of March 10, closing at 55.55 – 55.90 million / tael. Gold price 999.9, Dragon Thang Long gold brand is also in an uptrend, currently included in 52.03 – 52.68 million / tael.
What’s happening?
The fall in the US inflation rate has slowed the rise in US bond and US dollar yields. IG Market analyst Kyle Rodda said gold benefited somewhat when the Consumer Price Index (CPI), a measure of US inflation, “cooled off,” causing the dollar and yields to rise. US bonds “slowed down.”
There continues to be a shift of capital to sectors such as energy and finance, both in small and large-cap stocks, as investors are betting on consumption when the US economy reopens. Economic expectations rebounded when the Covid-19 vaccination process was completed and the rescue package sparked inflation fears, filled with higher yields on US government bonds. However, the $ 38,000 auction million 10-year US government bonds was not as bad as predicted, with a total yield up to 1,506%.
Previously, the USD fell after the March 10 US CPI data still did not change the forecast that US inflation would exceed the US Federal Reserve’s 2% target (Fed ). Additionally, US bond yields have soared of late, threatening gold’s position as a hedge against inflation.
Investors are currently awaiting the European Central Bank (ECB) decision after the same day meeting to see if policy makers take any action to curb earnings, bond yields or not.
The $ 1.9 billion rescue package is expected to help create more motivation for economic recovery. In the US stock market, the DJIA index closed yesterday to rise 1.5% to a record 32,297 points, thanks to falling US bond yields and the approval by the US Congress of the 1.9 billion package. of dollars. The S&P 500 rose 0.6% to 3,898 points, mainly driven by the energy and finance groups. Nasdaq Composite fell 0.1% to 13,068 points, although each session was up 1.6%.
Stocks sensitive to the economic recovery still led the uptrend in recent weeks. The energy group increased 2.6% yesterday, bringing the increase at the beginning of the year to over 39%. Industry, materials and finance surpassed 1% yesterday. By contrast, growth stocks, especially technology, fell yesterday. Tesla lost 0.8% after posting a 20% gain in the previous session.
The support threshold for precious metals is currently $ 1,700. Gold is believed to have the potential to move higher from this price point, however whether or not it can continue to rise will really depend on what is shaping market sentiment. If gold can continue to rise, a new bottom is likely to form.
Joe Biden’s First Big Win, US Economy “Shocked”?
On the morning of March 11, President Joe Biden’s proposed $ 1.9 billion rescue package was approved by the National Assembly with a 220-211 approval and protest rate in the House of Representatives, after weeks of fierce controversy between Democrats and Republicans.
Associated Reuters Comment, this is Mr. Joe Biden’s first major victory in the United States Congress in his first 50 days as president.
$ 1.9 trillion is one of the largest economic stimulus packages in American history. In which, $ 400 billion is spent to support nearly all Americans $ 1,400, about $ 350 billion for the state and local government budget, $ 63 billion is spent on research, distribution, and vaccination . Analysts expect the rescue package to spur spending, create a recovery momentum for the economy, this money may also flow into the stock market, driving up the price of GameStop shares and many stocks by individual investors in specific online forums.
Some Democrats applaud “this is a historic day, the beginning of the end of the great depression for Covid-19.” But it is not uncommon for economists to express concern that the US economy may be “shocked” because the stimulus package is too large.
Democrats argue that the Covid-19 rescue is necessary in the context of millions of people losing their jobs and more than 542,000 people dying from the pandemic. However, Republicans said that this rescue package was wasteful and too expensive. The United States, they said, had experienced the worst of the pandemic and was on the brink of a natural economic recovery.
With continuously updated information from the world’s largest economy, especially heavily influenced by influential decisions outside the US border, the precious metals market promises to remain volatile, surprising in the coming days, and generally not following a single scenario. . Every day is full of surprises.
[ad_2]
