Gold price 29 March: USD surged, gold dropped

30/03/2019

At 02:00 pm on March 29, domestic gold piece price by Doji Gold and Silver Group at: 36,450 million VND / tael (bought in) and 36,530 million VND / tael (sold out). Saigon Jewelry Company listed SJC gold at VND 36,380 million / tael (bought in) and VND 36,520 million / tael (sold out). 

Opening at 8.30 am on March 29, domestic gold price was listed by Doji Gold and Silver Group at: 36.46 million VND / tael (bought in) and 36.56 million VND / tael (sold out). , reducing 140 thousand dong in buying and reducing 190 thousand dong sold compared to the end of the afternoon in the previous session. 

Saigon Jewelry Company listed SJC gold at VND 36.41 million / tael (bought in) and VND 36.51 million / tael (sold out), reduced VND 200-240 thousand in both directions to buy and sell compared to the end of the afternoon of March 28.

At the beginning morning of March 29 (Vietnam time), the spot world gold price stood at 1,294 USD / ounce.

Gold price in April 2019 on Comex New York stood at 1,296 USD / ounce.

 

 

 

Gold price today is 0.7% lower (8.5 USD / ounce) than the beginning of 2018. World gold is converted to USD price of banks at 35.8 million VND / tael, excluding taxes and fees, 900 thousand lower than domestic gold.

The world gold price dropped according to the rise of the USD in the context of investors being optimistic about a US-China trade agreement.

Gold price declines are mainly due to a sharp rise in the dollar after China suddenly surrendered to the US on technology issues.

 

 

According to Reuters, the United States and China have made progress some agreements discussed at bilateral trade talks, especially in technology transfer.

Accordingly, China has accepted to discuss technology transfer in a way that they never wanted to discuss, both in scope and specific details. Specifically, the US wants China to end the theft of US intellectual property, and force US businesses to transfer technology to Chinese firms.

Meanwhile, the US wants US businesses to have greater access to the Chinese market, and China reduces subsidies for domestic technology firms.

The dollar immediately increased in price and pulled gold down.

In the domestic gold market, closing on March 28, most gold shops reduced the gold price of 9999 about VND 50.000-80.000 in both directions to buy and sell compared to the previous session.

As of the end of March 28, DOJI Gold and Silver Group listed SJC gold price at: 36.60 million dong / tael (bought in) and 36.75 million dong / tael (sold out). Saigon Jewelry Company listed SJC gold at VND 36.61 million / tael (bought in) and VND 36.75 million / tael (sold out).

According to Doji, most investors prefer to sell gold, while a few investors still wait for the right time to enter the market.