Gold prices "cool down" before Easter, speculation about "headwinds", will the Fed change the game?

LIVE UPDATE TABLE OF GOLD PRICE TODAY 4/8 AND EXCHANGE RATE TODAY 4/8

1. SJC - Updated: 04/07/2023 08:23 - Website supply time - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell ​​out
SJC 1L, 10L	66,450	67,050
SJC 5c	66,450	67,070
SJC 2c, 1C, 5 phan	66,450	67,080
SJC 99.99 gold ring 1 chi, 2 chi, 5 chi	55,500	56,500
SJC 99.99 gold ring 0.5 chi	55,500	56,600
99.99% Jewelry	55,300	56,100
99% Jewelry	54,245	55,545
Jewelry 68%	36,302	38,302
Jewelry 41.7%	21,546	23,546

Update gold price today April 8, 2023

The worldgold price has increased by more than 2% to surpass the important price mark of 2,000 USD/ounce, from the beginning of the week to the present time. The precious metal has increased in the context of strong oil prices after the announcement of OPEC+ production cuts along with the US economy showing signs of recession as the service sector growth slows and the labor market has fewer job opportunities.

According to TG&VN at 7:20 p.m. on April 7, the world gold price on Kitco trading floor stood firmly above the 2,000 USD/ounce mark, trading at 2,007.6 - 2,008.6 USD/ounce. The gold price adjusted down slightly before Easter.

Domestically, at the Saigon Jewelry Company (SJC) store system, the price of gold bars was listed at 66.45 - 67.05 million VND/tael (buy - sell), down 50,000 VND compared to late yesterday afternoon. The selling price of gold at other stores was 100,000 - 200,000 VND lower.

The difference between the two buying and selling prices remains at around VND600,000/tael. Compared to the world gold price, the domestic gold price is around VND9 million/tael lower.

Gold price today April 8, 2023: Gold price 'cools down' slightly before Easter, speculation about 'headwinds', will the Fed change the game? (Source: Shutterstock)

Summary of SJC gold prices at major domestic trading brands at the closing time of April 6:

Saigon Jewelry Company listed the price of SJC gold at 66.45 - 67.05 million VND/tael.

Doji Group currently lists SJC gold price at: 66.40 - 67.00 million VND/tael.

Phu Quy Group listed at: 66.45 - 67.05 million VND/tael.

PNJ system listed at: 66.45 - 67.05 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 66.50 - 67.04 million VND/tael; Rong Thang Long gold brand is traded at 55.42 - 56.37 million VND/tael; jewelry gold price is traded at 55.10 - 56.20 million VND/tael.

Gold will face a game changer?

With so much uncertainty dominating financial markets, most analysts believe it is just a matter of time before gold prices reach a new record high above $2,000 an ounce.

However, with markets looking a bit tight, gold could struggle to reach its new target next week. The cautious outlook for gold and silver comes as the precious metals saw a significant breakout, moving above $2,000 and $25 an ounce, respectively.

Over the past week, gold and silver have benefited significantly from the sharp drop in bond yields, which has put pressure on the USD.

If the US dollar finds momentum, it could prompt investors to profit by betting on gold prices, according to some analysts.

“It looks like the USD is trying to establish a short-term uptrend on the daily chart,” noted analyst Darin Newsom at Barchart.com.

On the Fed side, there are growing expectations that the bank's tightening cycle is over. The CME FedWatch tool shows that markets see a roughly 50/50 chance that the central bank will keep interest rates unchanged in the range of 4.75% to 5%.

While another 25 basis point hike in May would create a “headwind” for gold, many analysts do not see it as a game-changer for the precious metal.

Even if gold is technically overbought at current levels, there is still solid support in the market, said Sean Lusk at Walsh Trading.

“There are solid reasons why we are trading at these levels. We are seeing significant diversification into precious metals because of the major uncertainties in the world. If gold tests support around $2,000 an ounce, investors may buy a little bit to test the waters,” he said.

Looking beyond US interest rates, Mr Lusk said the ongoing banking crisis will continue to support gold as a safe-haven asset.

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Source: https://baoquocte.vn/gia-vang-hom-nay-842023-gia-vang-ha-nhiet-truoc-le-phuc-sinh-don-doan-ve-con-gio-nguoc-fed-se-thay-doi-cuoc-choi-222651.html