Gold prices today May 3, 2024 on the international market continue to decrease due to investors’ market exploration psychology. Weak demand pulled gold prices below 2,300 USD/ounce.
Domestic gold price
Closing the session on May 2, the price of 9999 gold bars at SJC was 82.9 million VND/tael (buying) and 85.1 million VND/tael (selling). SJC lists gold ring prices at 73.8-75.5 million VND/tael (buy – sell).
Doji Hanoi listed gold bars at 82.6 million VND/tael (buy) and 84.9 million VND/tael (sell). Ho Chi Minh City Doji bought SJC gold bars at 82.8 million VND/tael, sold at 85 million VND/tael.
Bao Tin Minh Chau listed the price of Golden Dragon gold bars at 73.58-75.18 million VND/tael (buy – sell).
International gold price
Gold price on Kitco at 9:00 p.m. (May 2, Vietnam time) was trading at 2,291 USD/ounce, down 1.42% compared to the beginning of the session. Gold futures price for delivery in June 2024 on the Comex New York floor is trading at 2,309.3 USD/ounce.
At the beginning of the trading session on May 2 (US time), world gold prices decreased due to investors’ psychology of market exploration, causing demand to become weaker, pulling gold prices back down to around 2,300 USD/ ounce.
World gold has dropped 5% from the record level of 2,431.29 USD/ounce set on April 12 in the context of tensions in the Middle East cooling down and expectations of the US cutting interest rates early this year are growing. fading.
However, according to EverBank’s President of World Markets Chris Gaffney, instability in the global economy, geopolitical tensions as well as developments related to this year’s elections are still important factors. beneficial for gold prices.
Similarly, Abrdn Chief Strategy Officer Robert Minter said that as long as geopolitical tensions continue and economic policies continue to cause instability, gold will continue to serve as a foundation for growth. stable.
Robert Minter added that geopolitical instability not only boosts safe-haven demand for gold but also drives investors away from the USD.
Gold price forecast
According to analysts, in the short term, the fact that the US Federal Reserve (Fed) has not lowered interest rates will increase the value of the USD, thereby causing gold to more or less suffer certain pressures.
However, in the medium and long term, gold is forecast to increase in an environment of high inflation and slow economic growth. Moreover, the United States cannot avoid the scenario of entering a period of loosening monetary policy by lowering interest rates. A weakening USD will push gold prices up.
Many forecasts say that gold price will reach 2,500 USD/ounce by the end of the year and will increase sharply in the following years.
