Soaring, Spreads Falling

Gold price today 6.2: Soaring, difference decreases — Gold price today 6.2. Illustration photo: Phan Anh

Domestic gold price opened today's trading session, DOJI Group listed the buying price at 76.15 million VND/tael; the selling price at 78.45 million VND/tael. The difference between buying and selling price of SJC gold at DOJI is 2.3 million VND/tael.

Domestic gold price movements last week. Unit: Million VND/tael. Graphics: Khuong Duy

Meanwhile, Saigon Jewelry Company SJC listed the buying price of gold at 76.3 million VND/tael; the selling price was 78.5 million VND/tael. The difference between the buying and selling price of SJC gold was 2.2 million VND/tael.

Currently, the difference between buying and selling gold in the country has decreased, but is still at a high level. This can put buyers at risk of losing money when investing.

Meanwhile, the price of 24K gold rings and jewelry gold of all kinds also maintained a high level of around 63.2 million VND/tael for buying and 64.4 million VND/tael for selling. Since the beginning of the year, the price of gold rings has also increased by about 1.5 million VND/tael.

World gold price opened this morning's trading session listed on Kitco at 2,023.1 USD/ounce.

Gold Price Forecast

Investors will be focused on the services PMI this week. The US Labor Department will release its weekly report on initial jobless claims on Thursday (February 8).

Additionally, concerns about rising tensions in the Middle East appear to remain after the US began retaliatory strikes against militants who have been causing tensions in the Red Sea.

The aftermath of the jobs report has pushed Treasury yields and the U.S. dollar index higher, putting pressure on the precious metal, said Kitco Metals senior analyst Jim Wyckoff. However, gold is expected to remain above $2,000 as geopolitical uncertainty in the market could boost safe-haven demand.

Colin Cieszynsk, chief market strategist at SIA Wealth Management, said gold prices will fall amid a rising dollar. For gold to rise, it needs external catalysts such as political, war or banking issues.

Meanwhile, Everett Millman - Director of market analysis at Gainesville Coins, predicts gold prices will stay flat or below $2,000/ounce if there is a sell-off.

Source