Gold prices today, February 7, 2024 around the world are under downward pressure as the USD strengthens. However, domestically, the price of SJC gold bars continues to escalate and is aiming for 79 million VND/tael.
Domestic gold price
At the end of the trading session on February 6, today’s domestic 9999 gold price was listed by SJC and DOJI Jewelry Group in the order of buying and selling as follows:
SJC Hanoi: 76,300,000 VND/tael – 78,520,000 VND/tael
DOJI Hanoi: 76,150,000 VND/tael – 78,450,000 VND/tael
SJC Ho Chi Minh City: 76,300,000 VND/tael – 78,500,000 VND/tael
DOJI Ho Chi Minh City: 76,150,000 VND/tael – 78,450,000 VND/tael
International gold price
At 6:00 p.m. on February 6 (Vietnam time), today’s spot gold price on the world market stood around 2,024 USD/ounce. Gold delivered in February 2024 on the Comex New York floor is at 2,032 USD/ounce.
The world gold price on the night of February 6 is about 11.5% higher (209 USD/ounce) compared to the beginning of 2023. World gold price converted to USD bank price is 60.4 million VND/tael, including taxes and fees, about 18.1 million VND/tael lower than the domestic gold price as of late afternoon on February 6.
World gold is under downward pressure as the USD strengthens. However, domestically, the price of SJC gold bars continues to escalate and is aiming for 79 million VND/tael. The difference in domestic and world gold prices continued to widen when the USD/VND exchange rate dropped to 24,530 VND/USD.
Gold price is aiming for 79 million VND/tael. (Photo: NH)
The State Bank (SBV) has not yet issued any policy signals on the gold market.
Previously, the State Bank said it would make assessments and amend Decree 24 (issued in 2012) on the gold market; There are solutions, including supply, to avoid the situation where the domestic gold price differs too much compared to the world like in the past.
World gold tends to go down in the short term as the USD continues to appreciate after the US Federal Reserve (Fed) recently signaled that it will not raise interest rates at its meeting next March.
The DXY index – measuring the movement of the USD against a basket of 6 major currencies – increased to 104.5 points.
Gold price forecast
Although under selling pressure, gold is still quite strong above the threshold of 2,020 USD/ounce and can break out at any time if the Fed reverses monetary policy. Geopolitical instability in many parts of the world can push precious metals up quickly.
On February 4, Fed Chairman Jerome Powell commented that the US economy is currently strong and said that interest rate cuts are unlikely to take place in March as the market expected. The Fed still wants inflation to target 2%.
According to market signals from the CME FedWatch index, there is a 20% chance that the Fed will lower interest rates in March and a more than 70% chance in May.
Gold is forecast to still have many supporting factors. The Middle East situation is still increasing tension. Russia and China on February 5 both accused the US of exacerbating tensions in the Middle East.
The price of SJC gold bars is also forecast to continue to increase after the Lunar New Year in a context where world prices are still complicated. High demand from the God of Wealth holiday also contributes to pushing up gold prices.