Gold prices inched slightly this morning but ended February with the biggest drop since June 2021, as the possibility of the US Federal Reserve (Fed) continuing to raise interest rates reduced the attractiveness of the asset. not as profitable as gold. Domestic gold price reversed and increased slightly to nearly 67 million VND/tael.
Gold price today 1/3: Gold price is on track to the lowest of the year
In the morning session of March 1, spot gold price inched up 0.41% to stand at $1,824.69 per ounce at 7:18 a.m. (Vietnam time), according to Kitco.
Before that, the price of gold futures last traded at $1,836.7 per ounce, up $11.8 from the dawn of the previous day.
Gold price today 1/3: Gold price is on track to the lowest of the year
Gold price today 1/3: Gold price is on track to the lowest of the year
Gold price today 1/3: Gold price is on track to the lowest of the year
Gold prices fell in the session 28/2 in Asia and closed February with the sharpest drop since June 2021, when the possibility that the US Federal Reserve (Fed) will continue to raise interest rates has reduced the attractiveness of gold. leads of non-yielding assets such as gold.
Gold is an inflation hedge, but the opportunity cost of holding the precious metal increases when interest rates are raised to cool inflation.
Gold prices have fallen about 6% since early February, while hitting their highest since April 2022 at the beginning of the month. Positive economic data showed the solidity of the US economy, leading some Fed policymakers to support continuing to raise interest rates to curb inflation.
The market thinks the Fed will raise interest rates to a peak of 5.415% in September 2023.
The USD index is on the rise for the whole month. The appreciation of the greenback makes gold more expensive for buyers in other currencies.
Domestic gold price: At the end of the trading session on February 28, the domestic gold price of 9999 was listed by SJC and Doji Jewelry Group in the order of buying and selling as follows: SJC Hanoi: 66.10 million VND/tael – 66.82 million VND/tael. Doji Hanoi: 66.05 million VND/tael – 66.75 million VND/tael. SJC HCMC: 66.10 million VND/tael – 66.80 million VND/tael. Doji Ho Chi Minh City: 66.10 million VND/tael – 66.80 million VND/tael.
With the domestic gold price reversed to increase slightly and the world gold price listed at Kitco at 1,825 USD/ounce (equivalent to nearly 52.7 million VND/tael if converted at Vietcombank exchange rate, excluding taxes and fees), the difference The difference between domestic and world gold prices is currently over 13 million VND/tael.