Gold price today March 29: Suddenly shocked

The world gold price dropped sharply due to the pressure of plunging oil prices and rising bond yields.

At 8:30 a.m. this morning, March 29, according to Vietnam time, the world gold price stood at $1,924/ounce, a sharp decrease of $27/ounce compared to the same hour last morning.

The price of precious metals plummeted without braking due to pressure from many factors. First, the price of crude oil fell sharply and traded at 103 USD/barrel. The fact that crude oil prices turned to "plunge" is believed to be a consequence after China announced a blockade of Shanghai city to prevent the spread of the Covid-19 epidemic.

The gold market also suffered a great deal when US Treasury yields spiked and the dollar was stronger. Specifically, the yield on the 10-year US Treasury note rose to its highest level in nearly three years overnight and closed at 2.452%. The dollar also rose to its highest level in more than a week, making gold more expensive for holders of other currencies.

Under strong selling pressure in the first session of the week, gold broke the support level of 1,935 USD. In the short-term, rising yields will likely remain the biggest downside catalyst for gold. 

Although there were quite negative developments, it seems that the decrease in gold price did not reduce the optimism of speculators in the precious metal market. Many people think that this is just one of the usual downward corrections before the short-term uptrend of gold.

Previously, director of business consulting firm AirGuide (Singapore) Michael Langford predicted, if in March, the US creates about 500,000 new jobs or more, the gold price will likely drop in the short term because of this. will create favorable conditions for the US Federal Reserve (Fed) to accelerate the roadmap to raise interest rates.

Gold price plummeted

In the domestic market, this morning, Saigon Jewelry Company listed the price of SJC gold buying and selling at VND 68.6-69.32 million/tael, unchanged from yesterday's closing.

Gold Doji listed gold price at 68.5-69.3 million dong/tael, unchanged compared to yesterday.

Phu Quy SJC listed the gold price at 68.5-69.3 million dong/tael, down 200,000 dong/tael in buying and 50,000 dong/tael in selling compared to the last session.

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