SJC gold price suddenly increased, large buying-selling gap, precious metal has never failed to impress

Gold price today 2/4/2024: SJC gold skyrocketed as Tet holiday approaches. Last week witnessed a typical example of how gold prices continue to defy all predictions despite conflicting opinions...

LIVE UPDATE TABLE OF GOLD PRICE TODAY 2/4 and EXCHANGE RATE TODAY 2/4

1. PNJ - Updated: 02/03/2024 22:00 - Website supply time - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
HCMC - PNJ	63,200 ▼50K	64,400 ▼50K
HCMC - SJC	75,900 ▼500K	78,300 ▼400K
Hanoi - PNJ	63,200 ▼50K	64,400 ▼50K
Hanoi - SJC	75,950 ▼450K	78,300 ▼400K
Da Nang - PNJ	63,200 ▼50K	64,400 ▼50K
Da Nang - SJC	75,900 ▼500K	78,300 ▼400K
Western Region - PNJ	63,200 ▼50K	64,400 ▼50K
Western Region - SJC	75,700 ▼300K	78,300 ▼200K
Jewelry gold price - PNJ	63,200 ▼50K	64,400 ▼50K
Jewelry gold price - SJC	75,900 ▼500K	78,300 ▼400K
Jewelry gold price - Southeast	PNJ	63,200 ▼50K
Jewelry gold price - SJC	75,900 ▼500K	78,300 ▼400K
Jewelry gold price - Jewelry gold price	PNJ Ring (24K)	63,200 ▼50K
Jewelry Gold Price - 24K Jewelry	63,100 ▼100K	63,900 ▼100K
Jewelry Gold Price - 18K Jewelry	46,680 ▼70K	48,080 ▼70K
Jewelry Gold Price - 14K Jewelry	36,130 ▼60K	37,530 ▼60K
Jewelry Gold Price - 10K Jewelry	25,330 ▼40K	26,730 ▼40K

Domestic gold prices increased sharply last week.

Domestic gold price on the morning of January 29, in Hanoi market, DOJI Gold and Gemstone Group listed SJC gold price at 73.9 - 76.65 million VND/tael (buy - sell), keeping the same price in both buying and selling compared to the closing price at the end of last week.

After 3 fluctuating mid-week sessions, on the morning of February 2, in the Hanoi market, DOJI Gold and Gemstone Group listed the price of SJC gold at 76.05 - 78.45 million VND/tael (buy - sell), an increase of 200 thousand VND/tael in both buying and selling compared to the closing price of February 1.

At the end of the week on February 3, in the Hanoi market, DOJI Gold and Gemstone Group listed the price of SJC gold at 75.95 - 78.25 million VND/tael (buy - sell).

Thus, compared to the first session of the week on January 29 (VND 73.9 - 76.65 million/tael), the price of SJC gold in the Hanoi market in the last session of the week on January 27 listed by DOJI Gold and Gemstone Group increased sharply by VND 2.05 million/tael for buying and increased by VND 1.6 million/tael for selling.

Gold price today February 4, 2024. (Source: Shutterstock)

The world gold price increased continuously, helping the market close a week of gains, despite falling below the $2,060/ounce mark at the end of the week, after receiving a strong US employment report.

At the end of the week on February 2, at the COMEX exchange (USA), the spot gold price decreased by 0.8% to 2,038.59 USD/ounce. However, the price of this metal has increased by nearly 1% over the past week and has been above the important level of 2,000 USD/ounce since the beginning of the year.

Gold futures also fell 0.8% on February 2, to $2,053.7 an ounce.

The dollar index rose 0.9% in the session, making gold more expensive for overseas buyers. The yield on 10-year U.S. Treasuries also rose.

According to The Gioi & Viet Nam Newspaper , at 4:431 p.m. on February 3 (Vietnam time), the world gold price at goldprice.org was at 2,039.65 USD/ounce, down 15.15 USD/ounce compared to the previous trading session.

Summary of SJC gold prices at major domestic trading brands at the closing time of February 3:

Saigon Jewelry Company listed the price of SJC gold at 75.6 - 78.1 million VND/tael.

Doji Group currently lists the price of SJC gold at: 75.95 - 78.25 million VND/tael.

PNJ system listed at: 75.9 - 78.3 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 76.0 - 78.1 million VND/tael; Rong Thang Long gold brand is traded at 64.42 - 65.52 million VND/tael; jewelry gold price is traded at 64.00 - 65.20 million VND/tael.

Converted according to the USD price at Vietcombank on February 3, 1 USD = 24,500 VND, the world gold price is equivalent to 61.88 million VND/tael, 16.22 million VND/tael lower than the selling price of SJC gold.

Gold never fails to impress.

In an article on Kitco News, analyst Neils Christensen wrote: “I have been following the precious metals market for over a decade and with all the experience, the market still has the ability to surprise me and there are still hidden depths in the market to explore.

This week is a prime example of how gold and silver continue to defy all odds. The price action we have seen continues the pattern established in 2023 that has pushed prices to record highs.”

The US Federal Reserve (Fed) continued to maintain a restrictive monetary policy, keeping interest rates at their highest level in nearly two decades. However, gold managed to hold key support levels, consolidating in a broad-based uptrend.

Last week, investors got a clear message from the Fed that while it was preparing to cut rates this year, it was in no rush. Heading into the week, the market saw just a 20% chance of a rate cut in March, and investors had already pared expectations for a rate cut in May. At the same time, investors continued to pour money into stocks, pushing the S&P 500 and the Dow Jones Industrial Average to new all-time highs.

Despite the headwinds, April gold futures ended the week up nearly 1%, with prices testing resistance around $2,050 an ounce.

According to the World Gold Council’s Q4 2023 Global Trends Report, last year saw record gold demand of 4,899 tonnes, driven by central bank purchases and activity in over-the-counter markets. Excluding the opaque OTC markets, real gold demand fell to 4,448 tonnes, down 5% from 2022 levels.

This week, Nicky Shiels , head of metals strategy at MKS PAMP, provided some interesting analysis of the WGC research, noting that central bank buying was 25 times larger than investor outflows.

While it is unlikely that central banks will buy more than 1,000 tonnes of gold for a third consecutive year, the WGC expects demand to continue to match the 10-year average. Analysts note that the reasons for central banks diversifying into gold have not changed and are unlikely to change anytime soon.

Wall Street and Main Street have contrasting expectations

After traders saw one of the least volatile weeks for the precious metal in months last week, drama returned to the gold market this week, with big moves ahead of key data and a speech from the Fed Chair.

Kitco News ’ latest weekly gold survey shows a clear divide between institutional and retail traders, with two-thirds of professionals losing confidence in the precious metal, while most retail investors still expect prices to rise next week.

Frank McGhee , head of precious metals trading at Alliance Financial, is among those who believe gold has further room to fall. “The market is mispriced by the continued strength of the U.S. labor market and the election year calendar,” he said.

Naeem Aslam , chief investment officer at Zaye Capital Markets, said this week’s data and statements were a wake-up call for the gold market and downside risks remain.

“All this has led to a sharp rise in the dollar index, which is putting pressure on gold prices. The key level to watch now would be $2,000 an ounce and a drop below that would create more panic,” said Aslam.

James Stanley, senior market strategist at Forex.com, turned bullish to bearish after prices failed to break above resistance. “Bulls had their chance this week but were again unable to break above the $2,050-$2,082 resistance zone,” he said.

Mark Leibovit , publisher of VR Metals/Resource Letter, said he expects gold to correct briefly below $2,000 before rallying again. “We’re getting more and more bullish as we approach the 1980+ zone,” he said.

John Weyer , Director of Commercial Hedging at Walsh Trading believes that the gold market has effectively repriced the yield curve at this point.

Twelve analysts participated in the Kitco News Gold Survey this week, and Wall Street sentiment appears to have turned decidedly bearish on the precious metal’s near-term outlook. Only two analysts, or 17%, see gold prices higher next week, while eight analysts, or 66%, see prices falling. Another two analysts, or 17%, see gold prices trading sideways next week.

Meanwhile, 123 votes were cast in Kitco’s online poll, with the majority of Main Street remaining bullish. Sixty-six retail investors, or 54%, expect gold to rise next week. Another 27%, or 22%, predict lower prices, while 30 respondents, or 24%, are neutral on the precious metal’s near-term outlook.

The situation in the Middle East will be the main focus affecting the gold market next week.

Adrian Day , chairman of Adrian Day Asset Management, believes gold will have to give up more of its recent gains to come into line with economic reality.

“I expect gold to be lower next week,” said Colin Cieszynski , chief market strategist at SIA Wealth Management. “As has been the case recently, I see the USD as the main driver. In this case, a less dovish Fed would push Treasury yields and the greenback higher.”

And Kitco senior analyst Jim Wyckoff predicts gold prices will trend sideways next week. “Blank and choppy as rising geopolitical optimism/risk aversion offsets the downside from a strong jobs report/more hawkish Fed,” he said.

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