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SJC gold bar price skyrockets on the eve of Tet, the world is "calm" before the storm, should we take profit now?

Báo Quốc TếBáo Quốc Tế06/02/2024

Gold price today February 7, 2024, world gold price anchored near 2-week bottom; domestic SJC gold bar price continued to increase sharply on the occasion of Lunar New Year. If world gold price is considered a safe haven investment, tending to increase in price during times of political instability; then domestically, price increase is a characteristic of the precious metal market on the occasion of traditional Tet.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 7/2 and EXCHANGE RATE TODAY 7/2

[WIDGET_GOLD_RATE:::PNJ:]

Domestic gold prices continuously climbed in the days before Lunar New Year.

Recording an increase of about 100,000 - 300,000 VND/tael at the end of the session on February 6, Saigon Jewelry Company SJC listed the price of SJC gold bars at 76.30 - 78.50 million VND/tael (buy - sell). The difference between the buying and selling prices of SJC gold bars is at 2.2 - 2.3 million VND/tael.

Gold prices increased the most at Phu Quy Group and PNJ System, increasing by 300,000 VND/tael in both buying and selling directions, closing the session at 76.50 - 78.70 million VND/tael.

Since the beginning of 2024, domestic gold prices have fluctuated strongly. If in the first trading session of January, SJC gold bars were only at 71.5 - 74.52 million VND/tael, then by the end of January it was at 75.4 - 77.92 million VND/tael, today (February 6) it is 76.30 - 78.50 million VND/tael. Many sessions have seen price fluctuations of up to a million VND/tael.

Thus, compared to the beginning of the year, SJC gold bar investors have an average profit of 4 million VND/tael. So should we "take profit" early or continue to buy and wait for the gold price to increase better? Many people still expect that in 2024, the gold price can reach 85 million VND/tael. Or most recently, on the upcoming God of Wealth day, the gold price can increase dramatically.

Some analysts say that when gold suddenly increases by 10-15%, investors should sell. Then, they can buy when the gold price drops and the market and economic situation supports the gold price to move up again. However, the current gap between buying and selling gold in the country has decreased, but is still at a high level. This can put buyers at risk of losing money when investing, so investors should be cautious before making a decision.

In particular, at this time, it is necessary to pay attention to a factor that will affect the domestic gold price, which is the State Bank and the Government have intervened in the somewhat unreasonable price increase of SJC gold in the past time. In particular, the possibility of amending Decree 24 will also affect the domestic gold price.

Meanwhile, the price of 24K gold rings and jewelry has decreased slightly in recent sessions, but still maintains a high level of around 63.2 - 64.4 million VND/tael. Since the beginning of the year, the price of gold rings has increased by about 1.5 million VND/tael.

Bao Tin Minh Chau Company listed the price of Thang Long Dragon Gold ring gold at 64.63 - 65.73 million VND/tael for buying and selling. The price of 9999 jewelry gold under the Thang Long Dragon Gold brand is traded at 64.15 - 65.45 million VND/tael. The difference between buying and selling prices is 1.3 million VND/tael.

World gold prices did not fluctuate much, but remained near a 2-week low, while the USD recovered slightly.

The US Federal Reserve (Fed) has dashed hopes of interest rate cuts and strong economic data in the US has left nothing to support the gold market other than tensions in the Middle East.

Meanwhile, tensions in the Middle East remain a major concern for markets. The US has stepped up retaliatory strikes against Houthi rebels. Meanwhile, there are rumors of an imminent ceasefire in the Israel-Hamas war. However, nothing is certain, so gold is still considered a safe-haven investment that tends to rise in price during times of political uncertainty.

According to TG&VN at 9:20 p.m. on February 6 (Hanoi time), the world gold price traded on Kitco floor at 2,028.70 - 2,029.70 USD/ounce, up 3.8 USD compared to the previous session. The price of gold for April delivery last decreased 1.20 USD to 2,041.70 USD.

Giá vàng hôm nay 7/2/2024: Giá vàng
Gold price today February 7, 2024: SJC gold bar price skyrockets on the eve of Tet, the world is 'calm' before the storm, should we take profits now? (Source: VNA)

Summary of SJC gold bar prices traded at major domestic trading brands at the closing time of February 6, 2024:

Saigon Jewelry Company listed the price of SJC gold bars at 76.30 - 78.52 million VND/tael.

Doji Group currently lists the price of SJC gold bars at: 76.15 - 78.45 million VND/tael.

Phu Quy Group listed the price of SJC gold bars at: 76.50 - 78.70 million VND/tael.

PNJ system listed SJC gold bar price at: 76.50 - 78.70 million VND/tael.

SJC gold bar price at Bao Tin Minh Chau is listed at: 76.55 - 78.65 million VND/tael.

Gold prices rise - need more catalyst?

In the absence of major new fundamental developments to drive daily price movements, metal bulls are still a bit tipsy after being hit by last week’s surprisingly strong US jobs report. Experts say this is the calm before the storm. As macroeconomic conditions continue to deteriorate, global gold prices are forecast to reach new highs in 2024.

In the second half of 2024, the USD is expected to decline following the Fed's interest rate cut process, and gold prices are likely to increase at a stronger rate. Recently, some forecasts have predicted that the world gold price will reach $2,400/ounce, or even $3,000/ounce in 2024.

However, in the short term, the current market analysis, analyst Jim Wyckoff of Kitco Metals said, the echo of the jobs report has pushed Treasury yields and the USD index higher, putting pressure on the precious metal. However, gold is expected to remain above $2,000 as geopolitical uncertainties in the market could boost safe-haven demand.

Meanwhile, Colin Cieszynsk, chief market strategist at SIA Wealth Management , said gold prices will fall amid a rising dollar. For gold to rise, it needs external catalysts such as political, war or banking issues.

Meanwhile, 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.



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