Lack of supporting factors to break through

Update on the closing price of gold on February 6: As of 7:00 p.m., the domestic gold price fluctuated around 76.05 million VND/tael (buy) - 78.35 million VND/tael (sell). Meanwhile, the world gold price dropped sharply to 2,023.8 USD/ounce.

Updated gold price at the end of session 6.2. Illustration photo: Phan Anh

Domestic gold price

Update domestic gold price closing session 6.2.2024.

Domestic gold price movements. Unit: Million VND/tael. Source: Rong Viet Online Services Joint Stock Company VDOS

The current difference between buying and selling gold prices is listed at around 2.3 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

World gold price developments. Unit: USD/ounce. Chart: Phan Anh

Gold price forecast

World gold recovered amid a slight decline in the USD. At 7:00 p.m., the US Dollar Index, which measures the greenback's fluctuations against six major currencies, was at 104.297 points (down 0.02).

Ajay Kedia, director of Kedia Commodities in Mumbai, India, said that with the US Federal Reserve (FED) pushing back its interest rate cut plan and strong economic data in the US, there is nothing left to support gold other than tensions in the Middle East.

Meanwhile, Colin Cieszynski - chief market strategist at SIA Wealth Management commented that gold prices will decrease in the context of USD increase. For gold price to increase, it needs more external catalysts such as political issues, war or banking.

According to Everett Millman - Director of market analysis at Gainesville Coins, gold prices will stay flat or below $2,000/ounce if there is a sell-off.

Source: https://laodong.vn/tien-te-dau-tu/cap-nhat-gia-vang-chot-phien-62-thieu-yeu-to-ho-tro-de-but-pha-1301933.ldo