Gold price today March 12: World gold price continues to fall

 The world gold price in the afternoon session of March 11 dropped slightly after US President Joe Biden announced that he would permanently end the normal trading relationship with Russia.

Gold futures for April on Comex were last at $1,982.6 per ounce, down 0.89% on the day. Spot gold last traded at $1,991.1 per ounce, down $5.7 per ounce from the previous session's close.

Losing this trading relationship would limit trade in Russian goods and allow the West to impose tariffs on a wide variety of Russian goods. "Removing this status will make it harder for Russia to do business with the United States," Biden said.

Together with the United States, the G7 countries and the European Union are moving to abolish most favored nation status for Russia, thereby ending "normal trade relations forever" with Moscow.

The US president also added that he will also sign an executive order banning the import of many Russian products such as diamonds, seafood and vodka.

The world gold price in the early morning of March 12 listed at Kitco was 1,991.1 USD/ounce, equivalent to about 55.2 million VND/tael.

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