Gold prices today, March 3, on the world market increased sharply in the closing session of the week. Domestic gold prices set a new record of over VND 81 million/tael.
Gold prices on the Kitco floor closed the trading week at USD 2,082/ounce, up 1.9% compared to the beginning of the session. Gold futures for April 2024 delivery on the Comex New York floor traded at USD 2,091/ounce.
At the current price, the world gold price converted to VND (including tax and processing fees), the difference between the domestic SJC gold price is about VND 17.95 million/tael
The market recorded the best weekly increase since November 2023. Gold prices increased sharply, surpassing the resistance level above USD 2,050/ounce after the Federal Reserve's preferred inflation measure showed a slight increase in consumer prices. Gold prices are less than $20 away from setting a new all-time high.
Gold is reacting to “greater confidence in a rate cut” by the Fed in the middle of this year, said Peter Spina, president of GoldSeek. Closing prices continued to break the old mark. Demand for gold could increase prices in the short term.
The US Dollar Index (DXY) measures the greenback's movements against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF) at 103.89 points.
The precious metal market benefited after the release of a key US inflation report, with a slightly lower figure than expected. This report supported those who wanted to see the Fed cut interest rates sooner, which is beneficial for gold prices.
Mary Daly, president of the Federal Reserve Bank of San Francisco, said that Fed officials are ready to lower interest rates.
Gold Price Forecast
Brien Lundin, editor of Gold Newsletter, told MarketWatch that strong buying from Asia, including China, coupled with moves by central banks continue to keep gold prices steady above $2,000 an ounce.
Alex Kuptsikevich, senior market analyst at FxPro, said Thursday and Friday’s gains confirm gold’s ability to break above its 50-day moving average, something the precious metal failed to do a month ago.
Kuptsikevich added that the next major resistance level is $2,088 an ounce. At the same time, the market could see significant gains if the rally continues. The expert predicted that gold prices could rise to $2,255 an ounce.
Gold prices on the Kitco floor closed the trading week at USD 2,082/ounce, up 1.9% compared to the beginning of the session. Gold futures for April 2024 delivery on the Comex New York floor traded at USD 2,091/ounce.
At the current price, the world gold price converted to VND (including tax and processing fees), the difference between the domestic SJC gold price is about VND 17.95 million/tael
The market recorded the best weekly increase since November 2023. Gold prices increased sharply, surpassing the resistance level above USD 2,050/ounce after the Federal Reserve's preferred inflation measure showed a slight increase in consumer prices. Gold prices are less than $20 away from setting a new all-time high.
Gold is reacting to “greater confidence in a rate cut” by the Fed in the middle of this year, said Peter Spina, president of GoldSeek. Closing prices continued to break the old mark. Demand for gold could increase prices in the short term.
The US Dollar Index (DXY) measures the greenback's movements against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF) at 103.89 points.
The precious metal market benefited after the release of a key US inflation report, with a slightly lower figure than expected. This report supported those who wanted to see the Fed cut interest rates sooner, which is beneficial for gold prices.
Mary Daly, president of the Federal Reserve Bank of San Francisco, said that Fed officials are ready to lower interest rates.
Gold Price Forecast
Brien Lundin, editor of Gold Newsletter, told MarketWatch that strong buying from Asia, including China, coupled with moves by central banks continue to keep gold prices steady above $2,000 an ounce.
Alex Kuptsikevich, senior market analyst at FxPro, said Thursday and Friday’s gains confirm gold’s ability to break above its 50-day moving average, something the precious metal failed to do a month ago.
Kuptsikevich added that the next major resistance level is $2,088 an ounce. At the same time, the market could see significant gains if the rally continues. The expert predicted that gold prices could rise to $2,255 an ounce.
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Disclaimer
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