Gold price today March 14: World gold price fell

Closing the last trading session of the week and anchoring at 1,991.1 USD/ounce, the world gold price tended to decrease in the early morning of March 14 (Vietnam time) with spot gold listed at Kitco down 10.9 USD/ounce. ounce compared to last week's closing session down to 1,980.2 USD/ounce.

Rising safe-haven demand amid concerns over tensions in Ukraine and Western sanctions against Russia sent gold prices to all-time highs last week. Gold futures price in April on Comex increased to 2,070 USD/ounce at the beginning of the week and ended the trading week at 1,990.5 USD/ounce. Although the world gold price dropped after reaching a historic peak, many people believe that the gold price surpassing $2,000/ounce is a good sign for gold in the long-term.

This week, in addition to new developments related to sanctions against Russia and the war in Ukraine, the outcome of the meeting of the US Federal Reserve (Fed) on Wednesday (March 16) is a factor. Other important factors govern the direction of precious metal prices this week. All eyes will be on the new economic projections, the Fed's plan to raise interest rates and how Chairman Powell will deal with the "unexpected consequences" of the Russia-Ukraine conflict.

Markets are expecting the Fed to raise 25 basis points this week. These expectations were further bolstered by recent data showing that the US Consumer Price Index (CPI) rose to 7.9% in February, a new 40-year high. Last week, Mr. Powell hinted he would support a 25 basis point increase at the upcoming meeting.

The world gold price at dawn on March 14 (Vietnam time) listed at Kitco was 1,980.2 USD/ounce, equivalent to about 54.9 million VND/tael.

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