Update on the closing price of gold on February 2: As of 7:00 p.m., the domestic gold price was listed at around VND76.05 - 78.52 million/tael (buy - sell). Meanwhile, the world gold price listed on Kitco was at USD2,055.9/ounce.
Domestic gold price
The current difference between buying and selling gold prices is listed at 2.5 million VND/tael. This difference is considered very high. Investors face the risk of loss when businesses push the risk onto buyers.
World gold price
Gold Price Forecast
Despite a relatively slow start to the year, analysts see the potential for the precious metal to hit another record this year after hitting a record annual price in 2023, according to the latest survey from the London Bullion Market Association.
LBMA member analysts see the gold market hitting an annual record price of $2,059 an ounce this year, up 6.1% from last year's $1,940.54 an ounce.
“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 skyrocket this year,” the LBMA said in its report.
The survey found that analysts were broadly divided on the main drivers of gold prices this year. According to the results, 25% expect U.S. monetary policy to be the most important factor, while 22% said central bank demand or geopolitical risks will drive prices.
Source
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