Domestic gold price
At the close of April 6, the price of 9999 gold bars at SJC Ho Chi Minh City was VND79.5 million/tael (buy) and VND81.9 million/tael (sell). SJC Hanoi listed at VND79.5 million/tael (buy) and VND81.92 million/tael (sell).
Doji Hanoi listed at 79 million VND/tael (buy) and 82 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 79 million VND/tael and sold at 82 million VND/tael.
International gold price
Gold prices on Kitco closed the week at $2,329/ounce. Gold futures for June 2024 delivery on the Comex New York floor traded at $2,349/ounce.
The world gold market ended the week with strong price increases. The precious metal increased by nearly 5% compared to last Friday. After increasing to 2,220 USD/ounce before the holiday, the world gold price continued to set a new record of 2,329 USD/ounce in the last trading session of the week.
Ole Hansen, head of commodity strategy at Saxo Bank, said gold attracted safe-haven flows as geopolitical tensions in the Middle East heated up over Israel's war with Hamas in Gaza.
The possibility of the US central bank delaying interest rate cuts, increasing global conflicts,... are factors that positively affect gold prices.
Mr. Jerome Powell, Chairman of the US Federal Reserve (Fed), reaffirmed the agency's view that it is in no rush to raise interest rates.
According to CME FedWatch, the market sees only a 54% chance of the Fed cutting rates in June. Last week, the market priced in more than a 60% chance of easing. Analysts note that the precious metal is less dependent on U.S. interest rates and monetary policy.
The US Dollar Index (DXY) measures the greenback's movements against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), closing the week at 104.29 points.
Gold Price Forecast
Commenting on the gold market, experts said that gold prices are likely to continue to increase, far surpassing many predictions at the end of last year. The gold market continues to conquer new milestones.
Phillip Streible, strategist at Blue Line Futures, said money was pouring into the market, supporting gold prices. Rising tensions in the Middle East also boosted demand for safe-haven assets like gold.
In addition, strong buying demand from central banks around the world and speculative activities are also factors that keep the gold market hot.
According to Bank of America, gold prices are aiming for a target of $2,400/ounce.
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