Gold price today 2/2/2024 SJC gold soars to the peak of 78.5 million

Domestic gold prices today, February 2, 2024

On the afternoon of February 2nd , the price of 9999 gold from SJC decreased by 200,000 VND/ounce for both buying and selling compared to the beginning of the morning.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 13:58 and the price of 9999 gold was listed by DOJI Gold and Jewelry Group at 14:27 as follows:

	Buy	Sell
SJC Hanoi	76,200,000 VND/ounce	78,520,000 VND/ounce
SJC Ho Chi Minh City	76,200,000 VND/ounce	78,500,000 VND/ounce
SJC Da Nang	76,200,000 VND/ounce	78,520,000 VND/ounce
DOJI Hanoi	76,050,000 VND/ounce	78,450,000 VND/ounce
DOJI HCMC	76,050,000 VND/ounce	78,450,000 VND/ounce

Updated gold prices for SJC and DOJI on the afternoon of February 2nd.

Early this morning, February 2nd , the price of 9999 gold increased by 400,000 VND/ounce for both buying and selling compared to the closing price yesterday.

The price of 9999 gold was updated by Saigon Jewelry Company Limited (SJC) at 8:56 AM, and the price of 9999 gold was listed by DOJI Gold and Jewelry Group at 8:50 AM as follows:

	Buy	Sell
SJC Hanoi	76,400,000 VND/ounce	78,720,000 VND/ounce
SJC Ho Chi Minh City	76,400,000 VND/ounce	78,700,000 VND/ounce
SJC Da Nang	76,400,000 VND/ounce	78,720,000 VND/ounce
DOJI Hanoi	76,050,000 VND/ounce	78,450,000 VND/ounce
DOJI HCMC	76,050,000 VND/ounce	78,450,000 VND/ounce

Updated gold prices for SJC and DOJI at the beginning of the morning on February 2nd.

At the close of trading on February 1st, the price of 9999 gold bars at SJC Ho Chi Minh City was 76 million VND/ounce (buying price) and 78.3 million VND/ounce (selling price). SJC Hanoi listed the price at 76 million VND/ounce (buying price) and 78.32 million VND/ounce (selling price).

DOJI Hanoi listed gold at 75.85 million VND/ounce (buying price) and 78.25 million VND/ounce (selling price). DOJI Ho Chi Minh City bought SJC gold at 75.85 million VND/ounce and sold it at 78.25 million VND/ounce.

The central exchange rate for February 2nd, 2024 , announced by the State Bank of Vietnam, is 23,960 VND/USD, unchanged from the previous session. The USD exchange rate at commercial banks this morning (February 2nd) is listed at 24,200 VND/USD (buying) and 24,570 VND/USD (selling).

International gold prices today, February 2, 2024

At 8:49 AM today (February 2nd, Vietnam time), the spot price of gold in the world market stood around $2,053.4 per ounce, an increase of $11.7 per ounce compared to last night. The price of gold futures for April 2024 on the Comex New York exchange was $2,070.9 per ounce.

International gold prices on the Kitco exchange at 9:00 PM on February 1st (Vietnam time) stood around 2041.7 USD/ounce, an increase of 2 USD compared to the closing price of the previous session.

However, the price of gold for April delivery fell by $19.2 to $2,048.1 per ounce at the start of trading on February 1st (US time), pressured by the results of the latest FOMC meeting of the US Federal Reserve (Fed).

gold price.jpg — *Gold prices fell sharply after the Fed announced it would not cut interest rates anytime soon. (Image: Kitco)*

The meeting resulted in a statement from the Fed indicating it would continue to keep interest rates unchanged. This suggests that US inflation is moving closer to its 2% target, meaning the US economy is growing steadily.

According to analysts, gold investors were hoping for a FOMC interest rate cut in March. However, following this announcement, many believe that the earliest interest rate cut by the Fed will occur in June. As a result, gold fell sharply at the start of trading.

Gold experts believe that banks around the world will certainly follow the Fed's lead and not cut interest rates anytime soon. This is a shock to gold investors, but it presents an opportunity for banks worldwide to continue pouring money into gold.

The Swedish central bank, Riksbank, kept its key interest rate stable at 4.0% and said that tight monetary policy remains necessary to stabilize inflation closer to its target rate.

The Bank of England also kept its monetary policy unchanged, maintaining its key interest rate at 5.25%.

Gold price forecast

Despite the Fed's unfavorable announcement for the market, gold clearly still has some safe-haven demand following the terrorist attack in Jordan that killed three US soldiers.

Although gold is weighed down by interest rate expectations, TD Securities commodity strategist Daniel Ghali believes that demand for physical gold from central banks will continue to support the precious metal.

Experts from the World Gold Council say that global demand for gold from central banks will continue to increase sharply this year.

Source