Domestic gold prices opened today's trading session (February 4th) with DOJI Group listing the buying price at 75.95 million VND/ounce; the selling price at 78.25 million VND/ounce.
Compared to the closing price of last week's trading session, the price of gold at DOJI increased by 2.05 million VND/ounce for buying and 1.6 million VND/ounce for selling.
The difference between the buying and selling price of SJC gold at DOJI decreased from 2.75 million VND/ounce to 2.3 million VND/ounce.
Meanwhile, Saigon Jewelry Company (SJC) listed the buying price of gold at 75.6 million VND/ounce and the selling price at 78.1 million VND/ounce.
Compared to the closing price of last week's trading session, the price of gold at Saigon Jewelry Company (SJC) increased by 1.4 million VND/ounce for both buying and selling prices.
The difference between the buying and selling price of SJC gold is around 2.5 million VND per tael.
Gold prices rose sharply, however, the buy-sell spread last week was too high, causing investors to suffer losses.
Specifically, if an investor bought gold at DOJI Group on January 28th at 76.65 million VND/ounce and sold it today (February 4th), they would incur a loss of 700,000 VND/ounce. Meanwhile, those who bought gold at Saigon Jewelry Company (SJC) would also lose 1.1 million VND/ounce.
Currently, the spread between the buying and selling price of gold in the domestic market is still considered too large. This could put buyers at risk of losses when investing.
World gold prices closed the week's trading session, as listed on Kitco, at $2,039.7 per ounce, an increase of $10.5 per ounce compared to the close of the previous week's trading session.
Gold price forecast
According to the CME Fed Watch tool, investors now forecast a 78% probability that the US will cut interest rates in May 2024, lower than the 92% probability forecast before the release of data from the US Department of Labor. Lower interest rates increase the attractiveness of this precious metal.
Kitco News' latest weekly gold survey shows that two-thirds of experts have lost confidence in the precious metal, while most retail investors still expect prices to rise next week.
Twelve analysts participated in the Kitco News Gold Survey, and Wall Street sentiment appears to have shifted significantly to bearish on the short-term outlook for the precious metal. Only two experts (17%) predicted higher gold prices next week, while eight analysts (66%) predicted lower prices. Two others (17%) predicted sideways movement next week.
Meanwhile, 123 votes were cast in Kitco's online polls, with the majority maintaining an optimistic outlook. 66 retail investors (54%) expect gold to rise next week. Another 27 (22%) predict lower prices. Meanwhile, 30 respondents (24%) held a neutral view on the short-term outlook for the precious metal.
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