Gold prices today, February 5, on the international market are predicted by experts to decrease. Investors should be cautious when fishing for the bottom.
Domestic gold price
Closing the session on February 3, the price of 9999 gold bars at SJC Ho Chi Minh City was 75.6 million VND/tael (buy) and 78.1 million VND/tael (sell). SJC Hanoi listed at 75.6 million VND/tael (buy) and 78.12 million VND/tael (sell).
DOJI Hanoi listed at 75.95 million VND/tael (buy) and 78.25 million VND/tael (sell). DOJI Ho Chi Minh City bought SJC gold at 75.75 million VND/tael, sold it at 78.25 million VND/tael.
International gold price
Gold price on Kitco closed the last trading session of the week at 2,039 USD/ounce. Gold futures price for delivery in April 2024 on the Comex New York floor is trading at 2,057 USD/ounce.
At the current price, the world gold price converted to VND (taxes and processing fees included) differs from the domestic SJC gold price at about 17.39 million VND/tael.
Gold price is forecast to decrease. (Photo: Kitco)
Kitco News’s latest weekly survey shows that analysts are losing confidence in the gold market. Meanwhile, retail investors still believe that gold will increase in the near future.
Frank McGhee, Head of precious metals dealer at Alliance Financial, said that the US jobs report was better than expected, causing the USD to strengthen. He predicted that, in the short term, gold prices will decrease.
Supporting this view, Naeem Aslam, Investment Director of Zaye Capital Markets, said that the employment data and tough statements from the US Federal Reserve (Fed) last week were a wake-up call for investors. with the gold market.
Naeem Aslam predicts that gold is not out of risks. Events over the past week pushed the DXY index up sharply and put pressure on gold.
Gold price forecast
Mr. Naeem Aslam advised investors to monitor the important psychological threshold of 2,000 USD/ounce. If it slips beyond this threshold, gold will face even more difficulties.
According to CME FedWatch, traders now expect about a 70% chance the US will cut interest rates in May, down from 92% previously. Lower interest rates boost the appeal of bullion.
According to Tai Wong, an independent metals analyst based in New York (USA), bottom-fishing investors should calmly observe whether gold can continue to fall further or not.
