LIVE UPDATE TABLE OF GOLD PRICE TODAY 2/5 and EXCHANGE RATE TODAY 2/5
| 1. PNJ - Updated: 02/05/2024 01:30 - Website time of supply source - ▼ / ▲ Compared to yesterday. | ||
| Type | Buy | Sell |
| HCMC - PNJ | 63,200 | 64,400 |
| HCMC - SJC | 75,900 | 78,300 |
| Hanoi - PNJ | 63,200 | 64,400 |
| Hanoi - SJC | 75,950 | 78,300 |
| Da Nang - PNJ | 63,200 | 64,400 |
| Da Nang - SJC | 75,900 | 78,300 |
| Western Region - PNJ | 63,200 | 64,400 |
| Western Region - SJC | 75,500 | 78,100 |
| Jewelry gold price - PNJ | 63,200 | 64,400 |
| Jewelry gold price - SJC | 75,900 | 78,300 |
| Jewelry gold price - Southeast | PNJ | 63,200 |
| Jewelry gold price - SJC | 75,900 | 78,300 |
| Jewelry gold price - Jewelry gold price | PNJ Ring (24K) | 63,200 |
| Jewelry Gold Price - 24K Jewelry | 63,100 | 63,900 |
| Jewelry Gold Price - 18K Jewelry | 46,680 | 48,080 |
| Jewelry Gold Price - 14K Jewelry | 36,130 | 37,530 |
| Jewelry Gold Price - 10K Jewelry | 25,330 | 26,730 |
Domestic gold price at Saigon Jewelry Company - SJC was bought at 75.6 million VND/tael, sold at 78.1 million VND - recorded on February 4. Compared to the end of last week, each tael of gold bar increased by 1.4 million VND. The difference in buying and selling price of SJC gold bars remained at 2.5 million VND after a week.
Meanwhile, SJC's 4-number-9 gold ring was bought for 63.2 million VND and sold for 64.4 million VND, an increase of 450,000 VND compared to last weekend.
The difference in buying and selling price of SJC gold rings continues to be maintained at 1.2 million VND/tael. Thus, each tael of SJC gold bars is 13.7 million VND higher than the same brand of gold rings.
The world gold price increased continuously, helping the market close a week of increase and close the week at 2,039.7 USD/ounce, an increase of 11 USD compared to the end of last week.
World precious metals rose but turned down again in the last session of the week, especially after the US employment report.
The world's largest economy added 353,000 jobs in January, far exceeding the 180,000 forecast, while wages rose 0.6%. This further reinforces the view of the US Federal Reserve (Fed) that it is not cutting interest rates yet.
Fed Chairman Jerome Powell dismissed the idea of a rate cut in March last week but expressed confidence that inflation would return to the 2% target. Some analysts now expect gold prices to continue rising in the short term.
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| Gold price today February 5, 2024: Gold price will approach the $2,000/ounce mark, the market receives a 'wake-up call, experts lose confidence. (Source: Bloomberg) |
Summary of SJC gold prices at major domestic trading brands at the closing time of February 4:
Saigon Jewelry Company listed the price of SJC gold at 75.6 - 78.1 million VND/tael.
Doji Group currently lists the price of SJC gold at: 75.95 - 78.25 million VND/tael.
PNJ system listed at: 75.9 - 78.3 million VND/tael.
SJC gold price at Bao Tin Minh Chau is listed at: 76.0 - 78.1 million VND/tael.
Converted according to the USD price at Vietcombank on February 3, 1 USD = 24,500 VND, the world gold price is equivalent to 61.88 million VND/tael, 16.22 million VND/tael lower than the selling price of SJC gold.
Will gold prices go up or down?
Kitco News ’ latest weekly gold survey shows a clear divide between institutional and retail traders, with two-thirds of professionals losing confidence in the precious metal, while most retail investors still expect prices to rise next week.
Frank McGhee, head of precious metals trading at Alliance Financial, is among those who see lower prices for the precious metal.
“The precious metals market is mispriced due to the continued strength of the world’s largest economy’s labor market and the 2024 US election,” he said.
Sharing the same view, Naeem Aslam, Chief Investment Officer at Zaye Capital Markets, noted that the data and statements last week were a wake-up call for the gold market and that downside risks remain.
“First of all, the Fed itself gave speculators a reality check and told them not to think about cutting interest rates in March. The US employment data also proved that. All these figures caused the USD index to rise sharply and put pressure on gold prices.
The key level to watch now would be $2,000 an ounce and a drop below that would cause more panic in the market,” Naeem Aslam asserted.
Mark Leibovit, publisher of VR Metals/Resource Letter, expects gold prices to correct briefly below $2,000 an ounce before rising again.
He stated his opinion: "Gold price is approaching the area of 1,980 USD/ounce".
“I think gold will test $2,000,” said John Weyer, director of commercial hedging at Walsh Trading.
He believes the gold market has effectively repriced the yield curve at this point.
“The precious metal probably won’t want to move too far from $2,000 an ounce. There’s still enough inflation concerns to drive that.”
Last week, 12 analysts participated in the Kitco News gold survey, and Wall Street sentiment appeared to have turned sharply bearish on the precious metal’s near-term outlook. Only two analysts, or 17%, predicted higher gold prices next week. Eight analysts, or 66%, predicted lower prices. Another two analysts, or 17%, predicted sideways prices next week.
Meanwhile, 123 votes were cast in Kitco’s online poll, with 66 retail investors, or 54 percent, expecting gold to rise next week. Another 27, or 22 percent, predicted lower prices. Thirty respondents, or 24 percent, were neutral on the precious metal’s near-term outlook.
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