Gold prices today April 24, 2024 in the world plummeted to a 3-week low due to increased profit-taking selling pressure. According to experts, the decline creates buying opportunities.
Domestic gold price April 24, 2024
At the end of the April 23 trading session, the domestic 9999 gold price was listed by SJC and Doji Jewelry Group in the order of buying and selling as follows:
SJC Hanoi: 81,000,000 VND/tael – 83,320,000 VND/tael
Doji Hanoi: 80,000,000 VND/tael – 82,500,000 VND/tael
SJC Ho Chi Minh City: 81,000,000 VND/tael – 83,300,000 VND/tael
Doji Ho Chi Minh City: 80,000,000 VND/tael – 82,500,000 VND/tael
International gold price April 24, 2024
As of 8:10 p.m. April 23 (Vietnam time), today’s spot gold price on the world market is at 2,310 USD/ounce. Gold delivered in June 2024 on the Comex New York floor is at 2,324 USD/ounce.
The world gold price on the night of April 23 was about 12% higher (247 USD/ounce) compared to the end of 2023. World gold price converted by bank USD price was 71.6 million VND/tael (including taxes and fee), about 11.7 million VND/tael lower than the domestic gold price as of late afternoon on April 23.
Gold price today dropped to a 3-week low. Photo: M. Hien
Gold prices fell in the context of tensions in the Middle East showing signs of cooling down and investors taking profits and lowering leverage for precious metal trading activities.
According to experts on Kitco, many countries’ central banks and long-term investors still hold gold and do not intend to sell it soon.
The strong price drop in the first session of the week also caused many gold investors to “margin call”. Brokers ask customers to deposit money or increase the amount of collateral securities or will sell gold in the customer’s account.
Many gold speculators were forced to liquidate contracts and sell gold against previous bullish betting contracts. This activity caused gold prices to fall further and continue to go down during the April 23 session.
Profit-taking activities also increased gold’s decline. This is also a common thing seen in the commodity futures market when a commodity loses its upward trend (in the short or long term).
Gold price forecast
With this gold price drop, according to technical analysis, it is just an adjustment after gold has increased about 22% in the past 2 months. This correction is within a long-term uptrend of gold.
However, if gold continues to fall further this week, it is likely that gold will create short-term peaks. Currently, the gold price has not penetrated the threshold of 2,300 USD/ounce, so gold will likely increase again soon thanks to bottom-catching demand for a long-term uptrend.
In recent forecasts, some experts on Kitco said that this downward adjustment could last until the end of the summer, then turn around to increase sharply and reach 2,500 USD/ounce by the end of 2024, which is also about when the US can cut interest rates.