Domestic gold price today March 24, 2024
At the close of the session on March 23, the price of 9999 gold bars at SJC Ho Chi Minh City was VND78 million/tael (buy) and VND80.3 million/tael (sell). SJC Hanoi listed at VND78 million/tael (buy) and VND80.32 million/tael (sell).
DOJI Hanoi listed at 78.1 million VND/tael (buy) and 80.1 million VND/tael (sell). DOJI Ho Chi Minh City bought SJC gold at 78.1 million VND/tael and sold at 80.1 million VND/tael.
International gold price today 3/24/2024
Gold prices on Kitco closed the weekend session at $2,164/ounce. Gold futures for June 2024 delivery on the Comex New York floor traded at $2,166/ounce.
At the current price, the world gold price converted to VND (including tax and processing fee) is about 14.44 million VND/tael different from the domestic SJC gold price.
The US Federal Reserve (Fed) this week gave a clear signal that it wants to cut interest rates three times this year, even as inflation remains above its 2% target. Some analysts believe that the gold market will have an adjustment next week and in the short term.
Traders are betting on a 71% chance of a US rate cut by June 2024.
After the Fed's monetary policy meeting, gold prices rose to a record high of over $2,220/ounce. This recovery was short-lived, after which world gold prices decreased and stabilized in the last session of the week.
World gold prices increased by 0.5% this week. Meanwhile, gold futures for April only increased by a few USD compared to the closing price at the end of last week.
The dollar rose to its highest level in more than a month last week, making gold more expensive for holders of other currencies. The dollar index ended the week above 104, its highest level in a month.
Gold Price Forecast
Gold prices have seen a strong recovery this month on expectations of a Fed easing cycle, and in the long term, gold prices could go higher, said investment expert Naeem Aslam.
He also noted that investors should be cautious when chasing prices near record highs.
Mr. Phillip Streible, strategist at Blue Line Futures, commented that gold prices will need to stay above the threshold of 2,150-2,145 USD/ounce to continue the upward momentum.
Source
Comment (0)