SJC gold price today
Experts say that from now until Decree 24 is amended, domestic gold prices will continue to fluctuate
Normally, the larger the difference in domestic and world gold prices, the stronger the pressure to increase the price of the USD/VND exchange rate, especially the exchange rate on the free market.
This has been clearly demonstrated in recent times when the domestic gold price continuously broke records to exceed 82 million VND/tael. At the same time, the black market USD exchange rate is also tightly anchored around the all-time high of more than 25.000 VND.
Observing this development, the analysis team from Rong Viet Securities Company (VDSC) is not too concerned about the pressure to devalue the dong because the USD/VND exchange rate still fluctuates within the allowed range. However, VDSC once again emphasized that the State Bank (SBV) may need to take advantage of tools such as foreign exchange reserves or come up with new solutions to manage the gold market to limit the depreciation of gold. Dong in March 3.2024.
Dr. Nguyen Tri Hieu - banking and finance expert - predicts that from now until Decree 24 is amended, gold prices will continue to fluctuate. If the issue of the SJC national gold brand and the gold importer changes when amending Decree 24, it will create more stability for the gold market.
Gold ring price 9999
Gold ring prices are not changing much. Currently, the price of plain round gold rings is listed by Bao Tin Minh Chau at 68,33-69,63 million VND/tael (buy - sell). Compared to yesterday's closing session, Bao Tin Minh Chau's gold ring price decreased by 50.000 VND/tael in both buying and selling directions.
Meanwhile, Saigon Jewelry is listed at 67,8-69,1 million VND/tael for buying and selling. Compared to yesterday's closing session, the price of gold rings was kept unchanged by Saigon Jewelry in both buying and selling directions.
Phu Nhuan Jewelry (PNJ) is listed at 67,9-69 million VND/tael (buy - sell). Compared to yesterday's closing session, PNJ's gold ring price remained unchanged in both buying and selling directions.
World gold price
World gold prices did not change much in the context of a strong increase in the USD index. Recorded at 19:23.3 p.m. on March 6, the US Dollar Index measuring the fluctuation of the greenback with 104,115 major currencies was at 0,43 points (up XNUMX%).
Gold price forecast
Mr. Daniel Ghali - commodity strategist at TD Securities said that the buying motivation seems to be temporarily exhausted. Gold prices are adjusting but there is still plenty of room to increase prices when the US Federal Reserve (FED) cuts interest rates. Low interest rates make gold cheaper for investors holding other currencies.
Phillip Streible - Chief Market Strategist at Blue Line Futures shared that the decline in the Swiss currency helped push the USD index to high levels, which hurt gold.
Traders predict a 72% chance that the FED will start cutting interest rates in June 6.2024, up from 65% before the decision from the latest meeting.