Domestic gold prices are currently on holiday for the Lunar New Year. DOJI Group is currently listing SJC gold at 76.55 million VND/ounce for buying and 78.85 million VND/ounce for selling.
The difference between the buying and selling price of SJC gold at DOJI is 2.3 million VND/ounce.
Meanwhile, Saigon Jewelry Company (SJC) listed the buying price of gold at 76.7 million VND/ounce and the selling price at 78.9 million VND/ounce.
The difference between the buying and selling price of SJC gold decreased from 2.5 million VND/ounce to 2.2 million VND/ounce.
The current difference between the buying and selling price of gold is listed at 2.3 million VND per tael. This difference is considered very high.
Although domestic gold prices have fluctuated within a narrower range in recent sessions compared to previous periods, the price of this metal is expected to rise higher around the time of the God of Wealth festival (the 10th day of the 1st lunar month).
In addition, the price difference for gold is usually higher on the day of the God of Wealth festival compared to other trading sessions.
World gold prices opened this morning's trading session, listed on Kitco at $2,018.4 per ounce, down $6 per ounce compared to the close of last week's trading session.
Gold price forecast
Gold prices are under pressure from the US dollar. Specifically, the USD index rose slightly and crude oil prices were weaker. As of 8:45 AM on February 14th, the US Dollar Index, which measures the fluctuations of the greenback against six major currencies, was at 104.100 points (up 0.08%).
Global gold prices slipped below the crucial $2,000/ounce mark, falling to a two-month low on Tuesday (US time) as newly released reports showed US inflation rising more sharply than expected.
Jim Wyckoff, a senior analyst at Kitco Metals, said that gold and silver prices fell sharply, losing the $2,000/ounce resistance level after a warmer-than-expected US inflation report. This data is expected to directly impact US monetary policy.
Additionally, the U.S. Bureau of Labor Statistics reported that its consumer price index rose 0.3% in January, following a 0.2% increase in December 2023. At the same time, overall inflation over the past 12 months has risen 3.1%, higher than expected. Economists were expecting an annualized increase of 2.9%.
Many believe that this data could lead the Federal Reserve (FED) to delay cutting interest rates. US stock indices saw selling pressure, US Treasury yields rose, and the USD index gained on the CPI news.
Analysts note that gold prices will continue to struggle until there are clear signs that the Fed is ready to cut interest rates, beginning a new easing cycle.
Independent metals analyst Tai Wong in New York assessed that this was not the report the market wanted to see. The report showed surprisingly stubborn inflation, gradually diminishing the possibility of the Fed easing monetary policy in May.
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