Approaching the 82 million VND/tael mark, does SJC gold price still have room to increase?

At 3:00 p.m. this afternoon, the domestic SJC gold price increased again compared to the early morning of the same day. Saigon Jewelry Company Limited - SJC listed the afternoon SJC gold price at 79.9 million VND/tael for buying and 81.9 million VND/tael for selling.

Compared to the early morning of the same day, the price of SJC gold here was adjusted to increase by 400,000 VND for buying and 380,000 VND for selling.

The difference in buying and selling prices at this unit is currently at 2 million VND/tael.

Tiến sát mốc 82 triệu đồng/lượng, giá vàng SJC còn nhiều dư địa tăng?

Gold price listed at Saigon Jewelry Company Limited. Website screenshot at 3:00 p.m. on March 15, 2024

At the same time, the SJC gold price listed at DOJI was 79.7 million VND/tael for buying and 81.7 million VND/tael for selling. Compared to the early morning of the same day, the SJC gold price at DOJI was adjusted up 200,000 VND in both buying and selling directions.

Gold price listed at DOJI. Website screenshot at 3:00 p.m. on March 15, 2024

In today's trading session, the domestic SJC gold price was in the opposite direction to the trend of the world gold price. This afternoon, the world SJC gold price was trading around 2,164 USD/ounce. In the Asian session this morning, the gold price was flat at around 2,162 USD/ounce. The gold futures price for April 2024 delivery on the Comex New York floor decreased by 13.3 USD, equivalent to a decrease of 0.61% to 2,167.5 USD/ounce.

Commenting on the future trend of gold prices, many economic experts believe that gold prices will not show signs of decreasing as the US Federal Reserve (Fed) has no roadmap to reduce interest rates, gold prices are still "anchored" at a high level and experts are still optimistic about the gold market.

According to Bob Haberkorn, senior market strategist at RJO Futures, there are currently two scenarios for gold investors. The first scenario is that if the US Federal Reserve (Fed) cuts interest rates, gold prices will definitely increase. In the second scenario, if the Fed does not cut interest rates, inflation concerns will also push gold prices higher.

Gold is still benefiting from safe-haven demand amid geopolitical tensions, Haberkorn said. Despite hotter-than-expected inflation data, traders continue to bet on the Fed cutting interest rates in June, driving money into gold.

Vàng SJC sát mốc 82 triệu đồng/lượng, vàng còn nhiều dư địa tăng giá

Analysts see that gold still has a lot of room to increase in price. Illustrative photo

Analysts see room for gold to rise. The US dollar is weakening as investors hold out hope that the Fed will cut interest rates in June. Bob Haberkorn said that investors will focus on buying the bottom in the coming time, causing gold prices to continue to rise.

In the domestic market, many experts predict that gold prices will decrease if Decree 24 is amended, then gold supply will increase, enough to meet market demand. This could cause SJC gold prices to decrease by tens of millions of VND/tael. On the contrary, if supply does not increase, SJC gold prices could increase to 85 million VND/tael.

Giving advice to investors during this period, experts recommend that investors should not wait for the price to peak before taking profits. Because the price of gold increases but there is no way to know where the peak is and it can fall at any time. Therefore, if it reaches a point where there is a reasonable profit, investors should sell to take profits.

Source