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Gold prices are stable, investors are "knocking" on the market, China prefers gold bars

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


1. NPC – Updated: 02/02/2024 21:30 – Time of website supplies – / Compared to yesterday.
Species Buy into Sold 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
The West – PNJ 63.250 150K 64.450 100K
The West – SJC 76.000 78.500 200K
Gold jewelry price – PNJ 63.250 150K 64.450 100K
Gold jewelry price – SJC 76.400 200K 78.700 300K
Gold jewelry prices - Southeast region NPC 63.250 150K
Gold jewelry price – SJC 76.400 200K 78.700 300K
Gold jewelry price – Gold jewelry price PNJ Ring (24K) 63.250 150K
Jewelry Gold Price – 24K CZK Jewelry 63.200 200K 64.000 200K
Jewelry Gold Price – 18K CZK Jewelry 46.750 150K 48.150 150K
Jewelry Gold Price – 14K CZK Jewelry 36.190 120K 37.590 120K
Jewelry Gold Price – 10K CZK Jewelry 25.370 80K 26.770 80K

Gold price domestic Fluctuations were not consistent during the trading session on February 2, remaining steady at the mark of 2 million VND/tael.

Specifically, at Doji Group, the closing price of SJC gold increased by 200.000 VND/tael in both buying and selling directions, to 76,05 million VND/tael and 78,45 million VND/tael, respectively.

PNJ system also adjusted the buying price by 200.000 VND/tael to 76,4 million VND/tael and the selling price by 300.000 VND/tael to 78,7 million VND/tael.

Meanwhile, Phu Quy Group adjusted the buying and selling prices by 100.000 VND/tael and 50.000 VND/tael, respectively, down to 76,2 million VND/tael and 78,4 million VND/tael.

Saigon Jewelry Company is listing the buying price of 76,2 million VND/tael and selling price of 78,5 - 78,52 million VND/tael, unchanged from the updated price at the beginning of the session.

World gold price stable level 2.053 USD/ounce – recorded by TG&VN at 19 p.m. on March 2.

Gold prices moved sideways near a 2-week peak as investors waited for more clues about the US Federal Reserve's (Fed) interest rate roadmap.

The meeting made a statement that the Fed would continue to keep interest rates unchanged. This shows that US inflation is gradually approaching the target of 2%, meaning that the US economy is growing steadily.

According to analysts, gold investors are hoping for an interest rate cut by the FOMC in March. However, after this statement, many people believe that the Fed's earliest interest rate cut will take place. in June. Therefore, gold lost its value sharply on the first day of trading.

Gold experts say that banks around the world will definitely follow the Fed's lead and not cut interest rates soon. This is a shock for gold investors, but this is an opportunity for banks around the world to continue pouring money into gold accumulation.

Gold price today July 3, 2
Gold price today February 3, 2: Gold price is stable, investors 'knocking' on the market, China prefers gold bars. (Source: CNBC)

Summary of SJC gold bar prices traded at major domestic business brands at the closing time on January 1, 2:

VBQ Saigon 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 lists the price of SJC gold bars at: 76,10 - 78,25 million VND/tael.

PNJ system lists the price of SJC gold bars 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 likes to buy gold

Analysts members of the London Bullion Market Association (LBMA) said that the gold market reached an annual record price of 2.059 USD/ounce this year, up 6,1% from 1.940,54. USD/ounce achieved last year.

“Comparing analyst forecasts with actual prices for the first 11 days of January 1, which averaged $2024, we can infer that analysts do not expect gold prices to increase skyrocketed this year,” the LBMA said.

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

She said that gold prices will increase to 2.400 USD/ounce and average for the year is about 2.170 USD/ounce.

“Central banks, especially the Fed, are expected to begin lowering interest rates in the coming months and our expectation is that interest rates will decline throughout 2024 and the USD will likely continue to fall for by 2024. Central bank gold demand was at record levels in 2022-2023.

The era of gold being removed from the international monetary system (1990-2008) is over! The de-dollarization process, supported by fears of Western financial sanctions, is causing central banks to return to their original reserves of gold," said Ms. Chantelle Schieven.

According to 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 fluctuate.

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

In the world gold market, WGC estimates demand to decrease by 5% to 4.448 tons in 2023 after a strong 2022. But China seems to be going in the other direction, with both individuals and government organizations buying this precious metal.

Gold purchases by central banks have helped gold prices surpass the $2.000/ounce mark. Total gold withdrawals from the Shanghai Gold Exchange in 2023 increased 7% year-on-year to 1.687 tons. And China's gold ETFs also saw sizable capital inflows as investors sought the safety of the asset.


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