Gold price update at the close of trading on February 6th: As of 7 PM, domestic gold prices fluctuated around 76.05 million VND/ounce (buying price) - 78.35 million VND/ounce (selling price). Meanwhile, world gold prices fell sharply to 2,023.8 USD/ounce.
Domestic gold prices
The current difference between the buying and selling price of gold is listed around 2.3 million VND per tael. This difference is considered very high. Investors face the risk of losses as businesses shift the risk to buyers.
World gold prices
Gold price forecast
Global gold prices recovered amid a slight decline in the US dollar. At 7:00 PM, the US Dollar Index, which measures the dollar's fluctuations against six major currencies, stood at 104.297 points (down 0.02).
Ajay Kedia, director of Kedia Commodities in Mumbai, India, believes that with the US Federal Reserve (FED) pushing back its interest rate cut plans and strong economic data in the US, nothing is left to support gold except tensions in the Middle East.
Meanwhile, Colin Cieszynski, chief market strategist at SIA Wealth Management, believes that gold prices will fall amid a strengthening USD. He argues that for gold prices to rise, additional external catalysts such as political issues, war, or banking problems are needed.
According to Everett Millman, Director of Market Analysis at Gainesville Coins, gold prices will remain flat or below $2,000 per ounce if a sell-off occurs.
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