Gold prices today, March 4, 3, both domestically and internationally, are anchored quite firmly at an unprecedented high. SJC gold bar price, after reaching a new peak, is currently falling close to the threshold of 2024 million VND/tael. World gold prices have found new motivation, increasing sharply in the weekend session. What do experts forecast about the domestic and world markets this week?
LIVE UPDATES TABLE GOLDEN PRICE TODAY 4/3 , and RATE TODAY 4/3
| 1. SJC – Updated: 02/03/2024 15:28 – Time of website supplies – ▼/▲ Compared to yesterday. | ||
| Species | Buy into | Sold out |
| SJC 1L, 10L, 1KG | 77,800 | 80,300 |
| SJC 5c | 77,800 | 80,320 |
| SJC 2c, 1C, 5 inch | 77,800 | 80,330 |
| SJC Gold Ring 99,99 1 thread, 2 thread, 5 thread |
65,300 | 66,500 |
| SJC Gold Ring 99,99 0.3 thread, 0.5 thread |
65,300 | 66,600 |
| Jewelry 99.99% | 65,200 | 66,100 |
| Jewelry 99% | 63,946 | 65,446 |
| Jewelry 68% | 43,102 | 45,102 |
| Jewelry 41.7% | 25,716 | 27,716 |
Gold price domestic Just went through a week full of fluctuations, "shocking" and then "sharply plummeting".
However, the main point of the domestic market is that at the end of last week's session, both SJC gold bars and gold rings and jewelry all remained stable at the highest level in history.
SJC gold bar price is currently approaching the threshold of 80 million VND/tael. But in the previous session, the price reached a record of 81 million VND/tael, "breaking" the old peak of 80 million VND recorded on December 26, 12.
SJC gold bar price closed the week (March 1) at Saigon VBQ Company at 3 - 77,75 million VND/tael (buy - sell). The difference between buying and selling is 79,75 million VND.
Currently, if converted at the USD exchange rate at commercial banks (excluding taxes and fees), the difference between domestic and world gold prices is about 17,5 million VND/tael.
Thus, after less than two weeks from the day of the God of Wealth, the price of SJC gold bars has increased sharply by 3,5 million VND per tael, rising from the price range of 77,5 million VND. Not only gold bars, gold ring prices also continuously peaked. To date, the price of gold rings and gold jewelry listed by Saigon VBQ Company is at 65,3-66,5 million VND/tael, an increase of about 900.000 VND compared to the end of the previous day.
At Bao Tin Minh Chau Company, the price of gold rings under the Thang Long Dragon Gold brand is currently listed at 66,78 - 67,98 million VND/tael purchased - sold. The price of 9999 gold jewelry branded Thang Long Dragon Gold is trading at 66,30 - 67,60 million VND/tael. The difference between buying and selling prices fluctuates around 1,3 million VND/tael.
World gold price closed the trading session last weekend (March 1) at a record high.
Notes of World & Vietnam Newspaper at the end of the trading session on March 1, The world gold price is listed at a very high level of 2.082,30 - 2.083,30 USD/ounce, up to 38,9 USD/ounce compared to the previous trading session. This is the highest level in two months with motivation coming from the falling USD.
Thus, closing the week, the price of gold delivered in April increased by 1 USD, for the whole week, the price of gold increased sharply by 41%. Currently, the weakness of US economic data has contributed to pulling down the USD and government bond yields, thereby increasing the appeal of gold.
Closing last week, the USD weakened, with the USDX index falling sharply to 103,88. US 10-year government bond yields fell to 4,644% from 4,2% in the previous session.
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| Gold price today March 4, 3: Domestic gold price 'overthrows' the old peak, world gold finds new motivation, continues to break out this week? (Source: CNBC) |
Summary of SJC gold bar prices traded at major domestic business brands at the closing time of last week, March 1, 3:
Doji Group currently lists the price of SJC gold bars at: 77,75 - 79,75 million VND/tael.
Phu Quy Group lists the price of SJC gold bars at: 77,90 - 79,75 million VND/tael.
PNJ system lists gold bar prices at: 77,60 - 79,50 million VND/tael.
SJC gold bar price at Bao Tin Minh Chau is listed at: 78,10 - 79,75 million VND/tael.
Forecasting domestic and world gold prices?
Domestic, forecasting the price of SJC gold bars, experts offer two scenarios, in which intervention from the management agency is quite important.
Firstly, if the State Bank has not had a policy to intervene in the gold market, gold prices are forecast to have room to increase in anticipation of a weaker USD when the US Federal Reserve (Fed) cuts interest rates.
Second, if the State Bank decides to increase the supply of gold bars, the price will reverse and decrease depending on the amount of supply to the market. Or, stopping the monopoly on SJC gold bars, if any, will also cause the price of this type of gold to drop sharply. However, this is a difficult problem with the policy of anti-goldization of the economy as well as prioritizing control and stabilization of exchange rates.
While the world gold market is finding new motivation, domestic gold prices may continue to increase this week because up to now, domestic gold prices often move in the same direction as world gold prices. However, when looking at the gold market's developments over the past week, it cannot be ruled out that the domestic gold price will enter an adjustment period after the recent series of strong increases.
Regarding the world market, Market analyst Frank Watson at Kinesis Money Company said that signs of a weaker economy are expected to support gold as they put greater pressure on central banks to cut interest rates.
Before the market focused its attention on US economic inflation data, world gold had three rather quiet trading sessions earlier this week. Recent comments from Fed officials show that the US central bank will not conduct any interest rate cuts before June 6. A higher interest rate environment typically reduces the appeal of gold. After that, world gold prices found upward momentum on February 2024 when US government bond yields decreased.
Disappointing US economic data has created pressure on the USD and created an opportunity for gold to quickly increase in price. According to FxPro Senior Market Analyst Alex Kuptsikevich, Gold price has successfully overcome the resistance level of 2.050 USD/ounce, the next main resistance level that investors need to monitor is 2.088 USD/ounce.
However, not all analysts are optimistic that gold will continue its rally next week, even as the precious metal ends the week with significant momentum.
In a recent note, MKS PAMP metals strategist Nicky Shiels believes that recent inflation data does not say anything. She said there wasn't enough data to declare an end to disinflation and the Fed probably wouldn't cut interest rates.
According to this expert, the technical rally may last but it is not a catalyst to attract the interest of new investors.
CPM Group market analysts said that the gold market often witnesses a sell-off whenever this precious metal tests new resistance levels and when prices test deep support levels, investors return to the market, starting new buy orders again. This has kept gold prices in a wide range, mostly above $2.000/ounce.
According to analysts, the market seems to be looking for reasons to buy gold and take profits when technical resistance levels are tested. Gold has increased sharply and is testing the threshold of 2.100 USD/ounce after surpassing the threshold of 2.050 USD/ounce and it is possible that a profit-taking sale will take place in the near future. Profit-taking could push gold back to $2.075/ounce, CPM Group forecasts.
