Gold prices today March 25, 2024 on the world market are forecast by experts to be less volatile after conquering a new record level last week. Domestic SJC gold price remains high at 80.3 million VND/tael.
Domestic gold price
Closing the session on March 23, the price of 9999 gold bars at SJC Ho Chi Minh City was 78 million VND/tael (buying) and 80.3 million VND/tael (selling). SJC Hanoi listed at 78 million VND/tael (buy) and 80.32 million VND/tael (sell).
DOJI Hanoi listed at 78.1 million VND/tael (buy) and 80.1 million VND/tael (sell). DOJI Ho Chi Minh City bought SJC gold at 78.1 million VND/tael, sold it at 80.1 million VND/tael.
International gold price
Gold price on Kitco closed the weekend session at 2,164 USD/ounce. Gold futures price for delivery in April 2024 on the Comex New York floor is trading at 2,166 USD/ounce.
Gold price is forecast to decrease. Photo: Thach Thao
At the current price, the world gold price converted to VND (taxes and processing fees included) is different from the domestic SJC gold price of about 14.44 million VND/tael.
Kitco News’ latest weekly gold survey shows that market experts have different and cautious views on the direction of gold.
On Kitco, Mr. James Stanley, senior strategist at Forex, said he expected gold prices to rise before the Federal Reserve’s (Fed) June monetary policy meeting, when the central bank Expected start of easing cycle.
He noted that gold prices are still well supported when the Fed signals it will reduce interest rates even as inflation remains high.
Looking at the technical chart of gold prices, Stanley is watching the support level of 2,146 USD, which is the highest level in December 2023.
Lukman Otunuga, senior market analyst at FXTM, said that despite rising to an all-time high last Thursday, the uptrend in gold prices slowed down and was weighed down by a strong USD.
Darin Newsom, senior market analyst at Barchart, predicts gold will maintain a downward trend next week. This is the third consecutive week he has made this prediction.
Gold price forecast
Regarding gold prices next week, according to Wall Street survey results, 40% predict it will be higher this week, 27% predict prices will decrease. Meanwhile, 33% predict sideways trading.
Main Street’s online poll results show that 69% expect gold prices to increase, 25% predict prices will be lower, and 16% have a neutral view on gold’s short-term prospects.