Gold prices today, March 8, on the international market continue to increase. The Fed Chairman’s signal of cutting interest rates this year is making gold increasingly “hot”.
Domestic gold price today March 8, 2024
Closing the session on March 7, the price of 9999 gold bars at SJC Ho Chi Minh City was 79.8 million VND/tael (buying) and 81.8 million VND/tael (selling). SJC Hanoi listed at 79.8 million VND/tael (buy) and 81.82 million VND/tael (sell).
DOJI Hanoi listed at 79.75 million VND/tael (buy) and 81.75 million VND/tael (sell). DOJI Ho Chi Minh City bought SJC gold at 79.75 million VND/tael, sold it at 81.75 million VND/tael.
International gold price today March 8, 2024
Gold price on Kitco (at 9:00 p.m. on March 7, Vietnam time) is at 2,159 USD/ounce. Gold futures price for delivery in April 2024 on the Comex New York floor is trading at 2,169 USD/ounce.
Gold prices continue to rise because the Fed announced it will cut interest rates this year. Photo: Kitco.
Gold price at the beginning of the trading session in the US continued to increase by 11 USD. The market is getting “hotter” due to the impact of comments by Chairman of the US Federal Reserve (Fed), Mr. Jerome Powell, before the House Committee. Mr. Jerome Powell said that it is likely that the Fed will cut interest rates this year, because inflation has decreased significantly.
According to signals from the CME Fedwatch tool, there is a 68.7% chance that the Fed will lower interest rates at its June meeting with a cut of 25-50 percentage points.
If developments are as predicted by CME Fedwatch, this is the time to reverse US monetary policy. This means the USD goes down and is the driving force for gold to continue to increase in price.
Fed officials recently said that the US Central Bank closely monitors economic data to decide when to cut interest rates.
Gold price forecast
Jesse Felder, founder of financial company Felder Report, said gold will only increase in the short term because the Fed’s interest rate cut policy is likely to take place at the end of the year.
Adrian Ash, director of research at BullionVault, said speculative activity is driving gold’s rally further. This creates a risk that gold may be sold off to take profits, causing the price to drop sharply.
According to senior analyst Krishan Gopaul of the World Gold Council, 2024 could be a boom year for gold after additional demand increased sharply in January from frequent buying countries such as China and Turkey. Turkey, India…
