Domestic gold price

At the close of trading on February 3, the price of 9999 gold bars at SJC Ho Chi Minh City was VND75.6 million/tael (buy) and VND78.1 million/tael (sell). SJC Hanoi listed at VND75.6 million/tael (buy) and VND78.12 million/tael (sell).

DOJI Hanoi listed at 75.95 million VND/tael (buy) and 78.25 million VND/tael (sell). DOJI Ho Chi Minh City bought SJC gold at 75.75 million VND/tael and sold at 78.25 million VND/tael.

International gold price

Gold prices on the Kitco floor closed the weekend trading session at $2,039/ounce. Gold futures for April 2024 delivery on the Comex New York floor traded at $2,057/ounce, up 1% compared to the close last weekend.

At the current price, the world gold price converted to VND (including tax and processing fee) is about 17.39 million VND/tael different from the domestic SJC gold price.

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World gold prices fall. (Photo: Kitco)

Better-than-expected U.S. jobs data dampened the bullish momentum in gold prices at the end of the week. Analysts said turmoil in the U.S. banking sector could provide a solid boost to the precious metal and curb bearish sentiment.

Gold prices fell as the market saw a less than 20% chance of a Fed rate cut in March. Expectations for a rate cut in May also fell. Fed Chairman Jerome Powell said the central bank is preparing to start easing this year, but the timing remains uncertain.

The US Dollar Index (DXY), which measures the greenback's performance against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), rose to 103.96 points. The yield on 10-year US bonds also rose.

Gold Price Forecast

January is typically a strong month for gold, with the average price rising 1.79% at the start of the year. However, this year, gold prices fell 0.2% in January.

Gold has faced a lot of headwinds this year, but seasonal buying has helped to stem the sharp decline, said Adam Button, chief currency strategist at Forexlive.

He said that as demand for buying decreases, gold prices could fall in the coming weeks. He advised investors to sit back and wait for new buying opportunities.

Prices could go lower, but that's a buying opportunity, said Phillip Streible, chief market strategist at Blue Line Futures.