Gold continuously "ups and downs", what will the price be next week?

Gold price in the country today February 29, 4

At the time of the survey at 5:00 a.m. on March 28, 4, the gold price today, March 2024, on the trading floors of some companies is as follows:

DOJI's 9999 gold price today is listed at 82,60 million VND/tael purchased and 84,80 million VND/tael sold.

At Mi Hong Jewelry Company, Mi Hong gold price at the time of the survey listed SJC gold price at 83,30 - 84,50 million VND/tael (buy - sell).

SJC gold price at Bao Tin Minh Chau Co., Ltd. was also traded at 83,25 - 85,10 million VND/tael (buy - sell). At Bao Tin Manh Hai, it is being traded at 83,25 - 85,35 million VND/tael (buy - sell).

Gold price today April 29, 4, SJC gold price, 2024 gold price, 9999k gold price, 24k gold price April 18, 29. Photo: Can Dung

The latest gold price list today April 29, 4 is as follows:

World gold price today March 29, 4 and world gold price fluctuation chart in the past 2024 hours

According to Kitco, the world gold price recorded at 5:00 am today Vietnam spot time was 2.337,91 USD/ounce. Converted at the current exchange rate at Vietcombank, world gold costs about 70,468 million VND/tael (excluding taxes and fees). Thus, SJC's gold bar price is still higher than the international gold price of 12,532 million VND/tael.

Gold price fluctuation chart in the past 24 hours

Last week, world gold prices had a week of sharp decline. At the end of the week, world gold prices were 2% lower than the closing level of last week.

According to many market experts, the sharp decline in world gold prices is mainly due to investors being disappointed when tensions in the Middle East did not escalate as they previously expected.

This makes retail investors begin to lose confidence in precious metals, while analysts are quite the opposite, they are still quite optimistic, according to the results of the latest weekly gold survey. by Kitco News.

Accordingly, this week, 10 experts on Wall Street participated in the gold survey. The views are almost identical to last week. 7 experts (accounting for 70%) predict gold prices will rise higher next week. Meanwhile, 2 experts (accounting for 20%) believe that gold will continue to move sideways; Only 1 expert (accounting for 10%) predicts prices will decrease.

Meanwhile, 155 votes were cast in the online poll. Notably, the number of investors who think precious metal prices will increase next week is decreasing rapidly.

74 investors (accounting for 48%) expect gold to increase next week. Another 46 people (accounting for 30%) predict prices will be lower, with 35 investors polled (accounting for 22%) saying that precious metals will tend to move sideways next week.

According to forecasters, the gold market may witness many fluctuations next week when the US Federal Reserve (FED) is expected to reiterate its view that it is not ready to lower interest rates before the summer. Analysts also say that the US Central Bank is unlikely to start the easing cycle before the US election in November.

Analysts also noted that the latest economic data puts the central bank in a difficult position as inflation remains elevated and growth slows. Blue Line Futures market strategist Phillip Streible said he remains bullish on gold as the US economy appears to be entering a period of stagflation. However, he added, investors will have to pay close attention to next week's data, including April jobs data.

Streible added that if the report shows weak job growth and rising wages, it will paint an even clearer picture of stagflation, which could push gold prices out of their current consolidation levels. in.

Although US economic and interest rate data will create some short-term volatility in the gold market, experts say this is still a secondary factor for the precious metal.

Sean Lusk, co-head of commercial hedging at Walsh Trading, geopolitical fluctuations and inflation will continue to push world gold prices higher. He does not believe the geopolitical situation has truly cooled down and predicts there will be more conflicts in the near future.

However, Lusk added: “The focus is that the FED will no longer raise interest rates, which helps money flow back to the USD. US bonds are collapsing because of rising yields. This is really the enemy of the increase in gold prices."

The most important US economic information affecting gold prices next week includes the FED's monetary policy meeting and employment reports in non-agricultural sectors.

In addition, the US consumer confidence index report will be released on Tuesday, the ADP jobs report will be released on Wednesday, the ISM index of the US manufacturing industry and the number of people applying for unemployment benefits. Industrial index is released for the first time on Thursday, and the ISM index of the US services sector is released on Friday.