Gold price may peak at 2,250 USD/ounce, 2024 outlook is very positive, what do experts advise? SJC 'returns to reasonable level'

Gold price today January 2, 2024, Gold price increased. Positive outlook as experts believe that gold prices may continue to increase in the medium term due to geopolitical factors. They emphasize that investors can continue to invest in precious metals and buy more when prices fall. SJC gold "back on track".

LIVE UPDATE TABLE OF GOLD PRICE TODAY 1/2 and EXCHANGE RATE TODAY 1/2

1. PNJ - Updated: 01/01/2024 22:00 - Website supply time - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	62,000	63,100
HCMC - SJC	70,000	73,900
Hanoi - PNJ	62,000	63,100
Hanoi - SJC	70,000	73,900
Da Nang - PNJ	62,000	63,100
Da Nang - SJC	70,000	73,900
Western Region - PNJ	62,000	63,100
Western Region - SJC	70,000	74,200
Jewelry gold price - PNJ rings (24K)	62,000	63,000
Jewelry Gold Price - 24K Jewelry	61,900	62,700
Jewelry Gold Price - 18K Jewelry	45,780	47,180
Jewelry Gold Price - 14K Jewelry	35,430	36,830
Jewelry Gold Price - 10K Jewelry	24,830	26,230

Domestic gold prices on January 1 tended to increase slightly, the market on the last day of the 2024 New Year holiday.

In the last week of 2023, the trading session on December 29 witnessed gold prices fluctuate continuously, notably the fluctuation amplitude at times reached 1.5 million VND, bringing the selling price to about 74 million VND/tael. The decrease in gold prices has narrowed the gap between domestic and world gold prices, which is considered to be closer to the reasonable value.

Analysts believe that this is the market's response to the Prime Minister's direction and the State Bank's actions on gold market management solutions, aiming to stabilize and develop a safe, healthy, effective and sustainable gold market. Because, according to the direction and management information of the management agency, the domestic gold bar price is the target that needs to be adjusted and the problem of unreasonable price increases is resolved, creating an unstable and opaque psychological effect for the gold market.

Gold price today January 2, 2024: Gold price may peak at 2,250 USD/ounce, 2024 outlook is very positive, what do experts advise? SJC 'returns to reasonable level'. (Source: Kitco News)

World gold prices increased by 13%/year in 2023, the best year since 2020, trading around $2,060/ounce.

At the end of the trading session of the old year 2023, the world gold price fluctuated around 2,062 USD. Converted according to Vietcombank's selling rate, it is equivalent to 60.7 million VND per tael. Thus, the difference between domestic and world gold bars is currently about 11.5 - 13 million VND, while this week the difference was nearly 20 million VND.

Summary of SJC gold prices at major domestic trading brands at the closing time of January 1:

Saigon Jewelry Company listed the price of SJC gold at 71.0 - 74.0 million VND/tael.

Doji Group currently lists SJC gold price at: 68.0 - 74.0 million VND/tael.

PNJ system listed at: 70.0 - 73.9 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 70.50 - 73.90 million VND/tael; Rong Thang Long gold brand is traded at 62.08 - 63.28 million VND/tael; jewelry gold price is traded at 61.70 - 63.00 million VND/tael.

According to the World & Vietnam Newspaper, at 7:30 p.m. on December 29, the closing time of the last trading session of 2023, the world gold price on the Kitco exchange was at 2,065 - 2,066 USD/ounce.

Converted according to the USD price at Vietcombank on January 1, 1 USD = 24,420 VND, the world gold price is equivalent to 60.78 million VND/tael, 13.22 million VND/tael lower than the selling price of SJC gold.

Gold price trend 2024

Despite a strong US dollar and rising US Treasury yields, gold prices remain stable in 2023, returning around 13% internationally and nearly 16% in the US domestic market.

The precious metal received support from economic uncertainty amid geopolitical tensions and expectations of a rate cut by the US Federal Reserve (Fed) in 2024.

Stable inflation also supports gold prices because it is considered a hedge against inflation. When the value of money decreases due to rising inflation, investors tend to buy gold to preserve the value of their investments, which increases the demand for gold, causing gold prices to rise.

The outlook for gold is positive as experts believe that gold prices could remain elevated in the medium term due to geopolitical factors. They stressed that investors can continue to invest in gold and add to their holdings when prices fall.

Gold is considered a safe haven asset during times of geopolitical uncertainty, economic uncertainty, or financial market turmoil. Additionally, exposure to gold diversifies a person's portfolio and reduces the risk of overexposure to a particular asset class.

Here are some experts' views on gold's prospects in 2024, according to Mint :

Sunil Subramaniam, CEO of Sundaram Mutual Fund:

Gold is a good investment option right now due to expectations of a two-to-three year rate cut cycle and the consequent weakening of the US dollar.

The ideal allocation would be 2/3 stocks and a balance of gold for investors who are comfortable with some volatility. For more conservative investors, a 50:25:25 ratio of equity: gold: debt would be more appropriate.

These views are for a 5 year holding period. Anything shorter in timeframe is not recommended based on valuation.

Chirag Mehta, Chief Investment Officer, Quantum AMC and Ghazal Jain, Head of Alternative Investment Funds, Quantum AMC

Gold could be a useful asset to hold in 2024. As interest rates peak and the timing and extent of rate cuts remain uncertain, it could create opportunities for speculative markets, creating volatility across asset markets, including gold.

The market can swing between optimism and pessimism, creating wild short-term swings in gold prices on both sides. These swings should be used wisely to build a gold allocation.

Naveen Mathur, Head of Commodities and Currencies and Anand Rathi Shares, Stockbroker

Gold outperformed most commodities traded in 2023 in the international market with the outlook for next year also looking solid.

As the impact of higher interest rates begins to weigh on growth in the coming quarters, market participants are anticipating a rate cut by the end of the first quarter of 2024.

Historically, gold has consistently delivered positive average monthly returns during periods of low interest rates.

Looking ahead, we expect gold to see a new all-time high in 2024, with $2,250 still achievable in the first half of 2024.

MCX Gold could also witness new all-time highs with a target of ₹67,000 – 68,000 per 10 grams, with annual returns of 10–11% by 2024.

Deepak Jasani, Head of Retail Research at HDFC Securities

In 2023, two major developments - geopolitical uncertainty and economic uncertainty - pushed gold to new highs on the US and Comex markets.

Going forward, there is upside potential as markets are pricing in a series of rate cuts in 2024, which could reduce demand for the US dollar and Treasury yields, boosting demand for gold.

Continued central bank buying and an expected recovery in ETF buying could be additional bullish factors for gold.

We believe gold will continue to deliver impressive returns in 2024. Comex gold finds support at $1,925 – $1,860/oz and resistance at $2,126 – $2,181/oz.

As such, the overall outlook for gold prices in 2024 looks positive, supported by central banks accumulating the precious metal after each dip.

In 2022, central banks bought more than 1,000 tonnes of gold, and in 2023, the cumulative level reached nearly 800 tonnes in the first nine months of the year, reflecting a 14% increase compared to the same period last year.

Technical indicators paint a bullish picture for gold as the precious metal trades above the 20- and 60-period exponential moving averages (EMAs) on the monthly chart, with the Relative Strength Index (RSI) crossing above 60, indicating strong bullish momentum.

A monthly close above $2,070 is poised to pave the way for gold to rise to $2,250, implying a potential return of nearly 9% over a year.

Source: https://baoquocte.vn/gia-vang-hom-nay-212024-gia-vang-co-the-lap-dinh-2250-usdounce-trien-vong-2024-rat-tich-cuc-chuyen-gia-khuyen-gi-sjc-ve-muc-hop-ly-255896.html