Domestic gold price

At the close of the session on February 5, the price of 9999 gold bars at SJC Ho Chi Minh City was VND76.2 million/tael (buy) and VND78.4 million/tael (sell). SJC Hanoi listed at VND76.2 million/tael (buy) and VND78.42 million/tael (sell).

DOJI Hanoi listed at 76.05 million VND/tael (buy) and 78.35 million VND/tael (sell). DOJI Ho Chi Minh City bought SJC gold at 76.05 million VND/tael and sold at 78.35 million VND/tael.

International gold price

The price of gold on the Kitco floor (at 8:00 p.m. on February 5, Vietnam time) was trading at $2,021/ounce, down 0.89% from the beginning of the session. The price of gold futures for delivery in April 2024 on the Comex New York floor was trading at $2,038/ounce, down 0.78% from the beginning of the session.

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Gold prices fell in the US. (Photo: Kitco)

Gold prices fell at the beginning of the US trading session due to the increase in the USD index and US Treasury bond yields, and the decrease in crude oil prices. In addition, gold prices were also affected by the US employment report released last week. The US economy is still stable, making it possible that the US Federal Reserve (Fed) will not adjust interest rates at the upcoming meeting.

The US Dollar Index (DXY) measures the greenback's movements against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF) and rose to 104.37 points.

The yield on the benchmark 10-year US Treasury note is at 4.079%, up significantly from last Friday.

Investors will be looking ahead to January's services PMI this week. The Labor Department will release its weekly report on initial jobless claims on Thursday (February 8).

In addition, concerns about rising tensions in the Middle East appear to remain after the US began retaliatory strikes against militants who have caused tensions in the Red Sea.

Gold Price Forecast

Colin Cieszynski, chief market strategist at SIA Wealth Management, said gold prices will fall as the dollar strengthens. For gold to rise, it needs an external catalyst such as political, war or banking issues.

Everett Millman, chief market analyst at Gainesville Coins, predicts gold prices will stay flat or below $2,000 an ounce if there is a sell-off.