Gold prices today, March 5, on the world market decreased slightly after a sharp increase. The market is waiting for new moves from the US Federal Reserve (Fed).
Domestic gold price today March 5, 2024
Closing the session on March 4, the price of 9999 gold bars at SJC Ho Chi Minh City was 78.4 million VND/tael (buy) and 80.4 million VND/tael (sell). SJC Hanoi listed at 78.4 million VND/tael (buy) and 80.42 million VND/tael (sell).
DOJI Hanoi listed at 78.35 million VND/tael (buy) and 80.35 million VND/tael (sell). DOJI Ho Chi Minh City bought SJC gold at 78.35 million VND/tael, sold it at 80.35 million VND/tael.
International gold price today March 5, 2024
Gold price on Kitco (at 8:00 p.m., March 4, Vietnam time) traded at 2,082 USD/ounce, down only 0.02% compared to the beginning of the session. Gold futures price for delivery in April 2024 on the Comex New York floor is trading at 2,091 USD/ounce.
World gold prices decreased slightly. Photo: RT
Gold prices decreased slightly in the first trading session of the week in the US. After many strong corrections, gold prices reached a 2-month high last weekend.
Slight increases in US Treasury bond yields and weaker crude oil prices are external factors affecting gold prices.
Nymex crude oil prices decreased slightly and traded around 79.50 USD/barrel. Rising geopolitical tensions due to the Israel-Hamas conflict and Houthi attacks on Red Sea shipping have recently pushed up oil prices.
The US Dollar Index (DXY) measuring greenback fluctuations with 6 major currencies (EUR, JPY, GBP, CAD, SEK, CHF) increased 0.03%, at 103.28 points.
The yield on the benchmark 10-year US Treasury note is at 4.209%.
The gold market awaits Fed Chairman Jerome Powell’s speech before the country’s Congress in the middle of the week and the US monthly employment report.
Gold price forecast
Traders expect a rate cut to take place in June 2024 and there is currently a 74% chance of this happening. Low interest rates increase the appeal of non-yielding assets like gold.
Although gold is witnessing an impressive recovery, gold prices face resistance at $2,100/ounce.
Marc Chandler, CEO of Bannockburn Global Forex, said the market needs to wait for the recovery of the USD to have more confidence in the Fed’s interest rate cuts in the near future. Gold price may trade below 2,088 USD/ounce.
