Gold price update for the closing session of February 2nd: As of 7 PM, the domestic gold price was listed around 76.05 - 78.52 million VND/ounce (buying price - selling price). Meanwhile, the world gold price listed on Kitco was 2,055.9 USD/ounce.
Domestic gold prices
The current difference between the buying and selling price of gold is listed at around 2.5 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
According to the latest survey from the London Bullion Market Association, despite a relatively slow start to the year, following a record annual price surge in 2023, analysts see the potential for the precious metal to reach another record high this year.
Analysts at the LBMA see the gold market reaching a record annual price of $2,059 per ounce this year, up 6.1% from last year's $1,940.54 per ounce.
The LBMA stated in its report: “Comparing analysts’ forecasts with the actual price in the first 11 days of January 2024, which averaged $2,040.18, we can infer that analysts do not expect gold prices to surge this year.”
The survey revealed that analysts are relatively divided on the main drivers of gold prices this year. According to the results, 25% expect US monetary policy to be the most important factor; at the same time, 22% believe central bank demand or geopolitical risks will drive prices.
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