At 9:25 a.m. today (February 24, Vietnam time), World gold spot price stands around 2,035.3 USD/ounce, up 11.3 USD/ounce compared to last night. Gold futures price for April 2024 on the Comex New York floor is at 2,049.4 USD/ounce.
Gold price on Kitco (at 8:30 p.m. February 23, Vietnam time) traded at 2,024 USD/ounce, up 0.03%. Gold futures price for delivery in April 2024 on the Comex New York floor traded at 2,034 USD/ounce, up 0.21% on the day.
World gold prices increased slightly. Photo: Kitco
Gold prices increased slightly at the beginning of the US trading session. The USD index ended the week down. Meanwhile, the US stock index increased this week, crude oil prices fell and US Treasury bond interest rates increased slightly.
Japanese, European and US stock indexes have hit new record highs. Nvidia shares are up nearly 36% this year to become the best-performing stock in the S&P 500. Rising stocks have reduced haven demand for gold.
Nymex crude oil prices decreased and traded around 77.50 USD/barrel. The yield on the benchmark 10-year U.S. Treasury note is at 4.335%.
The US Dollar Index (DXY) measuring greenback fluctuations with 6 major currencies (EUR, JPY, GBP, CAD, SEK, CHF) decreased 0.11% at 103.84 points.
The market does not have much new economic data. The US GDP report will be released next week.
Gold price forecast
According to monetary policy makers, the US Federal Reserve (Fed) does not want to reduce interest rates too early and too quickly this year.
The market no longer expects the Fed to lower interest rates from March, instead believing that the central bank’s first interest rate cut will take place in June. When interest rates fall, gold becomes more attractive.
Mr. Jim Wyckoff, senior analyst at Kitco Metal, said the conflict between Israel and Hamas forces remains tense, helping gold prices stay high.
