Update SJC gold price
Recently, the price of SJC gold has continuously plummeted. In just one week, the price of SJC gold has decreased by 1.2-1.3 million VND/tael. Combined with the high difference between buying and selling gold, investors have suffered heavy losses in short-term investments.
If you buy gold at DOJI Group on March 17 at VND81.4 million/tael and sell it on March 24, you will lose VND3.3 million/tael. Meanwhile, those who buy gold at Saigon Jewelry Company SJC will also lose VND3.7 million/tael.
The current difference between buying and selling gold prices is listed at around 2-2.3 million VND/tael. This difference is considered very high. Investors face the risk of loss when investing in the short term.
For 9999 gold ring
Currently, the price of plain round gold rings is listed by Bao Tin Minh Chau at 68.28-69.48 million VND/tael (buy - sell).
Meanwhile, Saigon Jewelry listed the buying and selling prices at 67.8-69.1 million VND/tael.
Phu Nhuan Jewelry (PNJ) listed at 67.9-69 million VND/tael (buy - sell).
World gold price
World gold prices remained unchanged amid a rising USD index. Recorded at 5:00 a.m. on March 25, the US Dollar Index, which measures the greenback's fluctuations against six major currencies, stood at 104.115 points (up 0.43%).
Gold Price Forecast
The gold market has just had a memorable week when the world gold price first conquered the 2,200 USD/ounce mark right after the most anticipated news of the week by global investors. The US Federal Reserve (FED) decided to keep interest rates in the target range of 5.25% - 5.5%, while signaling that it will continue to cut interest rates later this year.
In addition, the Federal Open Market Committee (FOMC) significantly raised its forecast for real GDP growth this year to 2.1% from the 1.4% predicted in December 2023. World gold prices at one point surpassed 2,210 ounces/USD, but did not last long.
The latest Kitco News weekly gold survey shows that experts are cautious on gold’s direction this week, while retail traders are very bullish.
This week, 15 Wall Street analysts participated in the Kitco News Gold Survey. Six analysts, or 40%, see higher prices for gold this week. Four analysts, or 27%, see lower prices. Five analysts, or 33%, see sideways prices.
Meanwhile, 170 votes were cast in Kitco’s online poll, with the vast majority of investors predicting further gains in gold prices this week. 117 retail traders, or 69%, expect gold to rise next week. Another 25%, or 15%, predict lower prices. Meanwhile, 28 respondents, or 16%, are neutral on gold’s near-term outlook.
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