Gold prices today March 4, 2024 in the international market are warned by analysts that they may face an upcoming profit-taking sell-off by investors. However, in a survey of experts, no one is worried that gold will decrease.
Domestic gold price
Closing the session on March 2, the price of 9999 gold bars at SJC Ho Chi Minh City was 77.8 million VND/tael (buy) and 80.3 million VND/tael (sell). SJC Hanoi listed at 77.8 million VND/tael (buy) and 80.32 million VND/tael (sell).
DOJI Hanoi listed at 77.65 million VND/tael (buy) and 80.25 million VND/tael (sell). DOJI Ho Chi Minh City bought SJC gold at 77.6 million VND/tael, sold it at 80.3 million VND/tael.
International gold price
Gold price on Kitco closed last week’s trading session at 2,082 USD/ounce. Gold futures price for delivery in April 2024 on the Comex New York floor is trading at 2,091 USD/ounce.
At the current price, the world gold price converted to VND (taxes and processing fees included) differs from the domestic SJC gold price at about 17.95 million VND/tael.
Gold is at risk of a profit-taking sell-off. Photo: Kitco
World gold broke the resistance level of 2,050 USD/ounce thanks to expectations of loosening monetary policy by the US Federal Reserve (Fed) after somewhat weak US economic reports were published.
Although prices have recovered, many analysts are concerned that gold may encounter difficulties. After each time the precious metal breaks the resistance level, the market quickly receives a sell-off trigger for profit-taking by investors. Profit-taking could push prices back into the range that has been in place for some time now.
According to Adam Button, Forexlive currency strategist, this price increase in precious metals is not sustainable because the number of applications for US unemployment benefits is still increasing strongly.
Forex senior market strategist James Stanley said he is not participating in the market despite predicting higher prices in the near future.
One of the reasons why this price increase in gold is less sustainable is because most Wall Street economists have begun to abandon expectations of interest rate cuts by the Fed. Former US Treasury Secretary Larry Summers even warned that the Fed’s next move may still be to raise interest rates.
Gold price forecast
Last week, 14 analysts participated in Kitco News’s gold survey. The surprising thing is that no one predicts gold prices will decrease in the near future. The survey showed that 79% of analysts believe that gold prices will increase in the near future, while the remaining 21% think that gold prices will move sideways.
Meanwhile, 175 votes in Kitco’s online survey. 77 retail investors (44%) expect gold to increase in the near future. Another 43 people (25%) predict the price will decrease, while the remaining 55 people (31%) think the gold price will go sideways.
