Continue to rise, towards new peaks

Illustration: Phan Anh

Domestic gold price

Update domestic gold price closing session 4.3.2024.

Domestic SJC gold price developments. Chart: Khuong Duy

World gold price

World gold price developments. Unit: USD/ounce. Chart: Khuong Duy

World gold price increased when the USD index decreased. Recorded at 7:00 p.m. on March 4, the US Dollar Index, which measures the greenback's fluctuations against six major currencies, was at 103.757 points (down 0.04%).

Gold Price Forecast

Recently, many experts have predicted that the US Federal Reserve (FED) will not cut interest rates in the first half of 2024, and that the FED “may not even cut interest rates this year”. This immediately keeps the USD high, thereby putting pressure on gold.

On AFR, Torsten Slok - chief economist at Apollo Global Management - said that the FED may not cut interest rates in 2024 because "the US economy is accelerating again and inflation is still persistently high".

Sharing with the press, Mr. Shaokai Fan - Director of Asia- Pacific region (excluding China) and Director of Global Central Banks at the World Gold Council said that demand for gold is still very good.

Total gold demand in 2023 has increased to a record high of 4,899 tons. Central banks have maintained their gold purchases at a dizzying pace. Their net gold purchases in 2023 reached 1,037 tons, close to the record in 2022, just 45 tons less. Central banks have been net buyers of gold for 14 consecutive years, especially at record highs in the past 2 years.

"It is forecasted that in 2024, central banks of countries will continue to increase gold purchases to diversify reserves. We believe that central banks will continue to buy gold due to the loosening of monetary policies in countries. This is a factor that will boost gold prices in the coming time," said Mr. Shaokai Fan.

Source: https://laodong.vn/tien-te-dau-tu/cap-nhat-gia-vang-chot-phien-43-tiep-tuc-tang-cao-huong-toi-dinh-moi-1311195.ldo