International gold price today March 23, 2024
At 8:06 a.m. today (March 23, Vietnam time), World gold spot price stands around 2,164.5 USD/ounce, down 8.5 USD/ounce compared to last night. Gold futures price in June 2024 on the Comex New York floor is at 2,181.6 USD/ounce.
Gold price on Kitco (at 7:00 p.m., Vietnam time, March 22) was at 2,173 USD/ounce, down 0.3% compared to the beginning of the session. Gold futures price for delivery in June 2024 on the Comex New York floor is trading at 2,167 USD/ounce.
World gold price decreased. Photo: Bangkok Post
Gold prices fell in early US trading as short-term futures traders took profits after gold prices hit a record high. The recovery of the USD at the end of the week is also a factor affecting gold prices.
Previously, the US Federal Reserve (Fed) signaled the possibility of cutting interest rates three times this year, even if inflation is above the target level of 2%. This helped push gold prices to new record highs. On March 21, world gold prices increased to a new record level of over 2,200 USD/ounce. Since mid-February, gold prices have increased 12%.
Traders predict a 72% chance that the Fed will start cutting interest rates in June 2024, up from 65% before the decision from the latest meeting.
Gold price forecast
Mr. Daniel Ghali, commodity strategist at TD Securities, said the buying momentum seems to have temporarily dried up. Gold price is adjusting. However, gold still has a lot of room to increase in price when the Fed cuts interest rates. Low interest rates make gold cheaper for investors holding other currencies.
Phillip Streible, chief market strategist at Blue Line Futures, said the decline in the Swiss currency helped push the dollar index to high levels, which has hurt gold.
Analysts say the market fluctuates after the Fed meeting ends and low prices are the time to buy.