Gold price is stable, investors "knock on the door" of the market, China prefers gold bars

Gold price today, February 3, 2024, on the market moved sideways near a 2-week peak as investors waited for more clues about the US Federal Reserve's (Fed) interest rate roadmap.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 2/3 AND EXCHANGE RATE TODAY 2/3

1. PNJ - Updated: 02/02/2024 21:30 - Website supply time - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell out
HCMC - PNJ	63,250 ▲150K	64,450 ▲100K
HCMC - SJC	76,400 ▲200K	78,700 ▲300K
Hanoi - PNJ	63,250 ▲150K	64,450 ▲100K
Hanoi - SJC	76,400 ▲200K	78,700 ▲300K
Da Nang - PNJ	63,250 ▲150K	64,450 ▲100K
Da Nang - SJC	76,400 ▲200K	78,700 ▲300K
Western Region - PNJ	63,250 ▲150K	64,450 ▲100K
Western Region - SJC	76,000	78,500 ▲200K
Jewelry gold price - PNJ	63,250 ▲150K	64,450 ▲100K
Jewelry gold price - SJC	76,400 ▲200K	78,700 ▲300K
Jewelry gold price - Southeast	PNJ	63,250 ▲150K
Jewelry gold price - SJC	76,400 ▲200K	78,700 ▲300K
Jewelry gold price - Jewelry gold price	PNJ Ring (24K)	63,250 ▲150K
Jewelry gold price - 24K jewelry	63,200 ▲200K	64,000 ▲200K
Jewelry gold price - 18K jewelry	46,750 ▲150K	48,150 ▲150K
Jewelry Gold Price - 14K Jewelry	36,190 ▲120K	37,590 ▲120K
Jewelry gold price - 10K jewelry	25,370 ▲80K	26,770 ▲80K

Domestic gold prices fluctuated inconsistently in the trading session on February 2, remaining stable at 78 million VND/tael.

Specifically, at Doji Group, SJC gold price closed the session up 200,000 VND/tael in both buying and selling directions, up to 76.05 million VND/tael and 78.45 million VND/tael, respectively.

PNJ system also adjusted the buying price up 200,000 VND/tael to 76.4 million VND/tael and the selling price up 300,000 VND/tael to 78.7 million VND/tael.

Meanwhile, Phu Quy Group adjusted its buying and selling prices down by VND100,000/tael and VND50,000/tael, respectively, to VND76.2 million/tael and VND78.4 million/tael.

Saigon Jewelry Company is listing the buying price at 76.2 million VND/tael and the selling price at 78.5 - 78.52 million VND/tael, unchanged from the updated price at the beginning of the session.

World gold price stabilized at 2,053 USD/ounce - recorded by TG&VN at 7:00 p.m. on February 2.

Gold prices moved sideways near a two-week peak as investors awaited further clues on the US Federal Reserve's interest rate path.

The meeting resulted in the Fed's announcement that it would continue to keep interest rates unchanged. This shows that US inflation is moving closer to the 2% target, meaning that the US economy is growing steadily.

According to analysts, gold investors are hoping for a rate cut by the FOMC in March. However, after this announcement, many people believe that the earliest rate cut by the Fed will take place in June. Therefore, gold prices fell sharply on the first day of trading.

Gold experts say that banks around the world will certainly follow the Fed's lead in not cutting interest rates soon. This is a shock to gold investors, but it is an opportunity for banks around the world to continue pouring money into gold.

Gold price today February 3, 2024: Gold price is stable, investors are 'knocking on the door' of the market, China prefers gold bars. (Source: CNBC)

Summary of SJC gold bar prices traded at major domestic trading brands at the closing time of February 1, 2024:

Saigon Jewelry Company listed the price of SJC gold bars at 76.00 - 78.32 million VND/tael.

Doji Group currently lists the price of SJC gold bars at: 75.85 - 78.25 million VND/tael.

Phu Quy Group listed the price of SJC gold bars at: 76.10 - 78.25 million VND/tael.

PNJ system listed SJC gold bar price at: 76.20 - 78.40 million VND/tael.

SJC gold bar price at Bao Tin Minh Chau is listed at: 76.15 - 78.20 million VND/tael.

China loves to buy gold

Analysts at the London Bullion Market Association (LBMA) said the gold market hit a record annual price of $2,059 an ounce this year, up 6.1% from last year's $1,940.54 an ounce.

“Comparing analysts’ forecasts with the actual price in the first 11 days of January 2024, which averaged $2,040.18, we can infer that analysts do not expect gold prices to skyrocket this year,” the LBMA said.

Meanwhile, Chantelle Schieven, head of research at Capitallight Research, is the most optimistic analyst.

She said gold prices would rise to $2,400 an ounce and average around $2,170 an ounce for the year.

“Central banks, especially the Fed, are expected to start cutting interest rates in the coming months and our expectation is that interest rates will fall throughout 2024 and the USD will likely continue to weaken until 2024. Central bank gold demand was at a record high in 2022-2023.

The era of gold being excluded from the international monetary system (1990-2008) is over! The process of de-dollarization, supported by fears of Western financial sanctions, is driving central banks back to their original reserve source, gold," said Chantelle Schieven.

According to the Financial Times , Chinese investors, households and central banks are all flocking to gold as a safe haven, as the country's stock market and real estate sector continue to be volatile.

China's investment in gold bars and coins increased by 28% to 280 tonnes in 2023, according to the World Gold Council's (WGC) quarterly report. In the global jewelry market, China accounts for 17% of gold demand.

In the global gold market, the WGC estimates demand will fall 5% to 4,448 tonnes in 2023 after a strong 2022. But China appears to be moving in the other direction, with both individuals and government institutions buying the precious metal.

Central bank buying has helped push gold prices above $2,000 an ounce. Total gold withdrawals from the Shanghai Gold Exchange in 2023 rose 7% year-on-year to 1,687 tonnes. And Chinese gold ETFs have also seen large inflows as investors seek the safety of the asset.

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