Unexpected increase, should I buy?

Gold price today 19.3: Unexpected increase, should you buy? — Illustration: Phan Anh

Domestic gold price as of 9:45 this morning, SJC gold price was listed by DOJI Group at 79.8-81.8 million VND/tael (buy - sell). The difference between buying and selling price of SJC gold at DOJI is listed at 2 million VND/tael.

Compared to the opening of the previous trading session, gold price at DOJI Group increased by 400,000 VND/tael for both buying and selling.

Domestic SJC gold price movements. Unit: Million VND/tael. Chart: Khuong Duy

Meanwhile, at Bao Tin Minh Chau, the listed price of SJC gold is 80-81.75 million VND/tael (buy - sell). The difference between the buying and selling price of SJC gold is 1.75 million VND/tael.

Compared to the opening of the previous trading session, gold price at Bao Tin Minh Chau increased by 450,000 VND/tael for buying and increased by 400,000 VND/tael for selling.

The difference between buying and selling SJC gold is currently listed at a high level. This puts investors at risk of losing money when buying gold.

For gold rings, as of 9:45 a.m., Bao Tin Minh Chau listed the price of round, smooth gold rings at VND67.96 - 69.16 million/tael (buy - sell). Compared to the opening of the trading session yesterday morning, Bao Tin Minh Chau adjusted the price of gold rings to increase by VND100,000/tael for both buying and selling.

Meanwhile, Saigon Jewelry listed the buying and selling prices at 67.5-68.7 million VND/tael. Compared to the opening of the trading session yesterday morning, the ring gold price was adjusted by Saigon Jewelry to increase by 200,000 VND/tael for both buying and selling.

Phu Nhuan Jewelry (PNJ) listed the price at 67.5-68.6 million VND/tael (buy - sell). Compared to the opening of the trading session yesterday morning, the price of gold rings was adjusted by PNJ to increase by 200,000 VND/tael for both buying and selling.

The world gold price at the beginning of this morning's trading session was listed on Kitco at 2,161.1 USD/ounce, up 13.1 USD/ounce compared to the opening of the morning trading session.

World gold price developments. Unit: USD/ounce. Chart: Khuong Duy

Gold Price Forecast

World gold prices increased sharply despite the increase in the USD index. At 9:45 a.m., the US Dollar Index, which measures the greenback's fluctuations against six major currencies, was at 103.310 points (up 0.07%).

Precious metals rallied on expectations that the upcoming Federal Open Market Committee (FOMC) monetary policy meeting will make important changes on the timing of interest rate cuts.

Gold is still showing resilience as the Federal Reserve and other central banks hold off on easing interest rates, according to Adrian Day Asset Management, chairman of the firm. He said the market seems certain that interest rates will be cut this year.

SIA Wealth Management chief market strategist Colin Cieszynski said the next move for gold will depend on what Fed Chairman Jerome Powell says at the policy meeting.

Forexlive.com currency strategist Adam Button said the market is waiting for the Fed’s next announcement. If the signal is positive, the expected number of rate cuts could be reduced from three to two.

Notably, Saxo Bank commodity strategist Ole Hansen predicted that "hotter" than expected inflation increases the possibility that the Fed will delay its policy pivot for longer.

Meanwhile, Arslan Butt, chief commodities and indices analyst at FX Leaders, predicts that gold may remain under pressure in the short term due to expectations that the Fed will maintain high interest rates for a longer period of time. Interest rate expectations continue to keep investors on the sidelines waiting for further signals from the Fed.

However, according to this expert, safe-haven demand due to concerns about geopolitical tensions will prevent significant losses in this precious metal.

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