Gold prices today February 2, 2024 on the international market decreased sharply for gold futures delivered in April, due to great pressure from the announcement from the US Federal Reserve that it will not cut interest rates soon in March. .
Domestic gold price
Closing the February 1 session, the price of 9999 gold bars at SJC Ho Chi Minh City was 76 million VND/tael (buying) and 78.3 million VND/tael (selling). SJC Hanoi listed at 76 million VND/tael (buy) and 78.32 million VND/tael (sell).
DOJI Hanoi listed at 75.85 million VND/tael (buy) and 78.25 million VND/tael (sell). DOJI Ho Chi Minh City bought SJC gold at 75.85 million VND/tael, sold it at 78.25 million VND/tael.
International gold price
The international gold price on Kitco at 9:00 p.m. on February 1 (Vietnam time) stood around 2,041.7 USD/ounce, up 2 USD compared to the closing price of the previous session.
However, April gold price at the beginning of the trading session on February 1 (US time) decreased by 19.2 USD to 2,048.1 USD/ounce due to pressure from the results of the latest FOMC meeting of the Federal Reserve. US state (Fed).
Gold price dropped sharply after the Fed’s announcement that it would not cut interest rates soon. (Photo: Kitco)
The meeting made a statement that the Fed will continue to keep interest rates unchanged. This shows that US inflation is gradually approaching the target of 2%, meaning that the US economy is growing steadily.
According to analysts, gold investors are hoping for an interest rate cut by the FOMC in March. However, after this statement, many people believe that the Fed’s earliest interest rate cut will take place. in June. Therefore, gold lost its value sharply on the first day of trading.
Gold experts say that banks around the world will definitely follow the Fed’s lead and not cut interest rates soon. This is a shock for gold investors, but this is an opportunity for banks around the world to continue pouring money into gold accumulation.
Sweden’s central bank, the Riksbank, kept its main interest rate steady at 4.0% and said tighter monetary policy was still needed to stabilize inflation closer to the target rate.
The Bank of England also did not change monetary policy, keeping the main interest rate at 5.25%.
Gold price forecast
Despite the Fed’s unfavorable announcement for the market, gold clearly still has some safe-haven demand after the terrorist attack in Jordan that killed three US soldiers.
Although gold is weighed down by interest rate expectations, TD Securities commodity strategist Daniel Ghali said that physical gold demand from central banks will continue to support the precious metal.
Experts from the World Gold Council said that gold demand from central banks globally will continue to increase strongly this year.
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