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Update gold prices today March 11 – the price rises
On the morning of March 11, Saigon VBDQ Company (SJC) set the purchase price for gold at 55.10 million dong / tael; the sale price was 55.50 million dong / tael, with an increase of 100,000 dong / tael on the buy and sell side compared to the end of the session on March 10. The difference in the sale price is higher than the purchase price of 400,000 dong / tael.
In Hanoi, the Minh Chau Bao Tin system currently quotes the SJC gold price at 55.13 – 55.48 million dong / tael (buy on sale). The price of 999.9 gold, Dragon Thang Long gold brand was also adjusted to increase, currently trading at 51.98 – 52.63 million VND / tael (buy on sale).
Currently on the Kitco, gold prices are trading at $ 1,727 / ounce. Converted to the USD price on Vietcombank, USD 1 = 23,140 VND, the global gold price equals 48.14 million VND / tael, lower than the price of 7.36 million VND / tael sold by SJC at this time.
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| The USD fell rapidly, causing gold to rally. (Source: Kitco) |
Contrary to the prediction of most experts, the current world gold price suddenly retreated again against the background of a rapid decline in the US dollar and a drop in US bond yields after a series of hot days in a row.
As pointed out TG&VN, as of 2:00 p.m. on March 10, the world price of spot gold on the Kitco floor is currently trading at 1,714.4 – 1,714.9 USD / ounce, an increase of 3 USD / ounce compared to the previous session.
Domestically, the SJC gold price in the morning session on March 10 also followed the strong global gold reversal trend. Opening session in the afternoon at 2:00 p.m., in the city. Ho Chi Minh City, Saigon Jewelry Company listed on 54.95 – 55.35 million VND / tael (buy sell), slightly decrease 50,000 VND / tael in the directions of buy and sell. The difference between the sale price of gold is still greater than the purchase price of 400,000 dong / tael.
In Hanoi, the Minh Chau Bao Tin system currently lists the price of SJC gold in 54.98 – 55.33 million VND / tael (purchase-sale). The price of gold 999.9, the brand name Gold Dragon Thang Long has also been adjusted to increase, currently included in 51.89 – 52.54 million VND / tael (buy-sell).
Furthermore, investors are also more optimistic when the US Congress is expected to pass the $ 1.9 trillion stimulus package for Americans this week.
Is a new rise in gold prices coming?
Barrick Gold CEO Mark Bristow said gold prices will skyrocket again. TIt was the same as after 2008, when the market wanted everything to return to normal, but still did not know the full damage.
He Bristow notes that in addition to gold, another asset class that is benefiting is cryptocurrency. The dizzying momentum of cryptocurrencies in the past has proven this.
“Everyone is desperate. They are not sure how things will turn out. So safe assets like gold are a priority right now. We have seen the dizzying momentum of the market.” Gold prices in 2009-2010 and then a big drop. We’ve seen the first rise in gold prices, another bull run is coming, “Bristow said..
Rohit Savant, vice president of CPM Group also made upbeat comments on gold prices. According to Mr. Savant, precious metals are supported by long-term fundamentals, including rising debt levels and a very consistent monetary policy.
Savant’s vice chairman said that rising bond yields have had a significant impact on the gold market this year, but investors need not fear an increase in nominal returns as real yields will remain negative going forward. near.
CPM Group also sets the expectation that gold prices will decline to $ 1,995 / ounce this year, 5% higher than last year’s closing price.
Along with negative real interest rates, Savant said, gold also looks attractive as a safe haven in an overvalued trading environment. “The stock seems a bit too high and this can lead to higher volatility. This is a good story for gold,” Savant emphasized.
In terms of investment needs, the vice president of Savant realized that this demand is expected to play a significant role in the gold market by 2021. However, investor demand may not significantly affect the price.
“Although the CPM Group expects investor demand to reach 40 million ounces, beating last year’s record, investors will not chase the market and instead will seek to invest in other discounts,” Savant emphasized.
No matter what gold, gold stocks are still extremely attractive
On the sidelines of the 2021 Developers and Potential Customers Association (PDAC) Online Conference, Sprott Inc CEO Peter Grosskopf argues that even when the price of gold is lower, companies report that they are expects declines to generate significant cash flows during 2021.
“There are still many long-term investment opportunities in the gold market, especially stocks that look extremely attractive even when precious metals are trading below $ 1,700 / ounce,” said the Grosskopf director.
According to Mr. Grosskopf, the price of gold is driven by long-term fundamentals, even when experts judge short-term momentum as negative.
Grosskopf added that, with bond yields rising and the dollar strengthening, it is not surprising that gold prices are in trouble. However, this Director also expressed that the current price action is a healthy short-term correction, but somewhat excessive.
Rather than focus on short-term volatility, Grosskopf emphasized, investors should focus on long-term fundamentals. The conditions that drove the price of gold to an all-time high of more than $ 2,000 an ounce have not gone away.
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