Gold price today February 23, 2024 on the international market increased slightly due to the decline in the USD index. Analysts say that gold still has a lot of momentum to increase in price, even if interest rates have not yet decreased.
Domestic gold price
Closing the session on February 22, the gold bar price at SJC Ho Chi Minh City was 76.5 million VND/tael (buy) and 78.7 million VND/tael (sell). SJC Hanoi listed at 76.5 million VND/tael (buy) and 78.72 million VND/tael (sell).
DOJI Hanoi listed SJC gold bars at 76.45 million VND/tael (buy) and 78.65 million VND/tael (sell). DOJI Ho Chi Minh City bought SJC gold at 76.45 million VND/tael, sold it at 78.65 million VND/tael.
International gold price
The gold price on Kitco at 9:00 p.m. on February 22 (Vietnam time) reached 2,026.3 USD/ounce. Gold futures price for delivery in April 2024 on the Comex New York floor is trading at 2,039.5 USD/ounce.
Gold prices increased slightly due to the decrease in the USD index. Photo: Kitco.
At the beginning of the trading session on February 22 (US time), world gold prices increased slightly because the USD was on the decline and US Treasury bond interest rates were more stable.
Analysts believe that the recently announced tougher monetary policy meeting minutes of the US Federal Reserve (Fed) will not have a strong impact on gold prices. Thereby, it shows that the driving force of gold’s price increase is still very strong.
In this minutes, the Fed signaled that its monetary policy had peaked, but was not in a hurry to reduce interest rates. Therefore, gold is under a lot of pressure, but continues to consolidate above 2,000 USD/ounce.
Fed officials said inflationary pressures eased and economic activity remained strong. But recent statements from the Fed show that the US Central Bank wants inflation to fall below the standard level of 2% before making a decision to loosen monetary policy.
Kitco.com senior market analyst Jim Wyckoff said that recent hotter inflation reports have made the market certain that the Fed will delay lowering interest rates until the second half of this year.
Gold price forecast
Independent metals analyst Tai Wong in New York predicts that gold will likely continue to move sideways in the short term.
The longer the US central bank delays interest rate cuts, the greater the risk of a policy misstep, which will ultimately benefit precious metals, said WisdomTree market strategist Nitesh Shah.
Nitesh Shah predicts that gold prices will reach 2,210 USD/ounce in the fourth quarter of this year, a new all-time high.