Gold prices today 2/3 on the world market increased sharply after the US announced the inflation report. Domestic gold price is at a high level, close to 80 million VND/tael, not far from the record mark of 80.3 million/tael.
Domestic gold price
Closing the session on March 1, the price of 9999 gold bars at SJC Ho Chi Minh City was 77.8 million VND/tael (buy) and 79.8 million VND/tael (sell). SJC Hanoi listed at 77.8 million VND/tael (buy) and 79.82 million VND/tael (sell).
DOJI Hanoi listed at 77.75 million VND/tael (buy) and 79.75 million VND/tael (sell). DOJI Ho Chi Minh City bought SJC gold at 77.75 million VND/tael, sold it at 79.75 million VND/tael.
International gold price
Gold price on Kitco (at 8:30 p.m., March 1, Vietnam time) traded at 2,050 USD/ounce, up 0.33% compared to the beginning of the session. Gold futures price for delivery in April 2024 on the Comex New York floor is trading at 2,059 USD/ounce.
Gold prices rose, reaching their highest level in 4 weeks, at the beginning of the US trading session. The precious metal was supported by stable US inflation figures.
World gold prices increased. Photo: Forbes
According to the US Department of Commerce, the personal consumption expenditure price index (PCE) in January increased 0.4% over the previous month and increased 2.8% over the same period last year. The increase is in accordance with the forecasts given by economic experts.
Core PCE, an index that excludes energy and food prices, rose 0.3% for the month and is up 2.4% for the year. The US Federal Reserve’s (Fed) inflation target is 2%.
The latest data suggests the central bank is unlikely to cut interest rates, until late spring or early summer at the earliest.
The Fed is maintaining interest rates at their highest level in more than 22 years, at 5.5%. The market expects the first interest rate cut in June.
The US Dollar Index (DXY) measures the greenback’s fluctuations with 6 major currencies (EUR, JPY, GBP, CAD, SEK, CHF) at 104,127 points.
Bitcoin price sometimes exceeded 64,000 USD, then sometimes dropped to 60,000 USD due to profit-taking activities of investors.
Gold price forecast
According to the technical chart, gold prices tend to increase due to stable buying demand. Goldman Sachs predicts that central bank gold purchases will increase in the near future, causing gold prices to continue to rise.
In addition, geopolitical tensions in the Middle East and China’s economic outlook are not improving, also affecting gold prices.
According to BMO Capital Markets, 50% of experts predict that in the short term, gold prices will trade in the range of 1,950-2,150 USD/ounce. 32% forecast gold prices to fluctuate between 2,150-2,350 USD/ounce.
