Domestic gold prices opened today's trading session with DOJI Group listing the buying price at 76.15 million VND/ounce and the selling price at 78.45 million VND/ounce. 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 76.3 million VND/ounce; the selling price at 78.5 million VND/ounce. The difference between the buying and selling price of SJC gold is 2.2 million VND/ounce.
Currently, the spread between buying and selling gold in the domestic market has decreased, but it remains high. This could put buyers at risk of losses when investing.
Meanwhile, the price of 24K gold rings and jewelry also remained high, around 63.2 million VND/ounce for buying and 64.4 million VND/ounce for selling. Since the beginning of the year, the price of gold rings has also increased by about 1.5 million VND/ounce.
World gold prices opened this morning's trading session, listed on Kitco at $2,023.1 per ounce.
Gold price forecast
Investors' attention this week will be focused on the services PMI. The US Department of Labor will release its weekly report on initial jobless claims on Thursday (February 8).
Furthermore, concerns about escalating tensions in the Middle East seem to persist after the US began retaliatory attacks against the rebels who caused the tensions in the Red Sea.
Jim Wyckoff, senior analyst at Kitco Metals, believes that the aftermath of the jobs report has pushed Treasury yields and the USD index higher, putting pressure on precious metals. However, gold is still expected to remain above $2,000 as geopolitical uncertainties in the market could fuel safe-haven demand.
Colin Cieszynsk, chief market strategist at SIA Wealth Management, said gold prices will fall amid a strengthening USD. For gold prices to rise, additional external catalysts such as political issues, war, or banking problems are needed.
Meanwhile, Everett Millman, Director of Market Analysis at Gainesville Coins, forecasts gold prices to remain flat or below $2,000 per ounce if a sell-off occurs.
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