Gold price today March 10: World gold price decreased slightly

 With the pressure of profit taking and the drop in crude oil prices, the world gold price fell below $2,000/ounce


The world gold market witnessed a big profit-taking after gold futures prices hit a record on Tuesday. This led to a sharp drop in world gold prices in the trading session on March 9. Gold futures in April fell by $53.4 to $1,989.8 per ounce. Spot gold last traded at 1,992.4 USD/ounce, down 60.5 USD/ounce compared to the closing level of the previous trading day.

The precious metals market was also under pressure during the day by the sharp drop in crude oil prices with Nymex crude oil prices falling to around $111/barrel.

Meanwhile, global equity markets were mixed overnight as European shares mostly rose and Asian shares mostly fell. US stock indexes are seeing a recovery after a string of falling days. However, looking at the daily chart, the stock index is still in a short-term downtrend.

The reason is said to be the risk aversion still increasing in the market in the context of the ongoing Russia-Ukraine war. More and more American companies are pulling out of Russia, including McDonalds and Coca Cola.

Under selling pressure, the US Dollar Index also fell sharply after touching a 21-month high on Monday. The 10-year US Treasury note currently yields 1.9%. Treasury yields are rising midweek.

The world gold price in the early morning of March 10 listed at Kitco was 1,991.8 USD/ounce, equivalent to about 55.2 million VND/tael.

Potential forecast

According to media reports, sentiment is starting to change as Ukrainian President Volodymyr Zelenskyy said he might change his mind about the country's bid to join NATO. This is considered a move that will contribute to easing tension.

Analysts have noted that while risk assets are on the rise midweek, it may not be sustainable if risks related to the Ukraine issue persist.

Others said that considering the momentum gained on Tuesday, the sharp drop in gold prices today is not surprising. Although gold is under some technical selling pressure, rising inflation should still support the precious metal market and the current uptrend.

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