Update on the closing price of gold on February 3: As of 7:00 p.m., the domestic gold price fluctuated around 75.95 million VND/tael (buy) - 78.25 million VND/tael (sell). Meanwhile, the world gold price was at 2,039.7 USD/ounce.
Domestic gold price
The current difference between buying and selling gold prices is listed at 2.5 million VND/tael. This difference is considered very high. Investors face the risk of loss when businesses push the risk onto buyers.
World gold price
Gold price forecast
World gold is unlikely to break out amid the USD's high level. At 6:30 p.m., the US Dollar Index, which measures the greenback's fluctuations against six major currencies, stood at 103,032 points.
According to CME's Fed Watch Tool, traders see a 96% chance the US Federal Reserve will cut interest rates in May 2024.
Frank Cholly, senior market strategist at RJO Futures, said that gold prices will have a prolonged sideways move in the context that the Fed is more likely to keep interest rates on hold for longer instead of cutting immediately.
LBMA member analysts said the gold market hit a record annual price of $2,059 an ounce this year, up 6.1% from the $1,940.54 an ounce reached last year.
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