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| Jewelry gold prices are supported by the need to buy gold as a gift on International Women’s Day. (Source: Gurhan) |
Update the price of gold today
Global gold starts the week from a sensitive threshold 1,700 The USD / ounce, after many fighting sessions, rose and fell a few dollars to tens of dollars. Prior to that, on the last trading day of last week, the world gold price had once fallen to the lowest level since June 8, 2020 at $ 1,686.40 / ounce. The price of US gold delivered to maturity also decreased 0.1% to close at 1,698.50 USD / ounce.
The domestic SJC gold price in the week ending March 7 also had continuous up and down sessions, only sliding along the world market trend at the end of the week. In closing the last session of the week, Saigon Jewelry Company listed the price of SJC gold in Ho Chi Minh City. Ho Chi Minh was sideways on the price level 55.10 – 55.60 million VND / tael (buy-sell). The difference between the sale price of gold is still greater than the purchase price of 500,000 dong / tael.
At the same time, the SJC gold price in Bao Tin Minh Chau Company increased slightly, VND 30,000 on the buy side and VND 60,000 on the sell side, currently listed at 55.15 – 55.55 million / tael. Gold price 999.9, Dragon Thang Long gold brand has been adjusted to increase slightly, currently listed in 52.68 – 53.33 million / tael. The prices of gold jewelry are listed in 52.10 – 53.20 million / tael.
The demand for SJC gold bars after the Lunar New Year is declining, however, these days, the domestic market is supported by the demand for gold jewelry, on the occasion of International Women’s Day 8/3.
Has the downtrend not stopped?
Overall, the global gold market had a negative trading week with four sessions down and only a slight increase. Opening last week in session 1/3, gold prices fell 0.6% and fell to the lowest level since June 2020, when the strengthened dollar has impacted on the price of this precious metal.
Gold prices recovered somewhat in the 2/3 session with an increase of more than 10 USD (equivalent to 0.6%). Some analysts believe that the fall in the price of gold may be over as the global outlook shows signs of underperformance. They said that settlement activities in the global bond market could return, with central banks in many countries, in turn, expressing concern about the sharp rise in bond yields.
In session 3/3, the world gold price fell more than 1% to its lowest level in nearly 9 months as rising US government bond yields and the USD reduced the attractiveness of this precious metal. Furthermore, the hope of a rapid economic recovery from the launch of the Covid-19 vaccine has also led traders to take safe assets such as gold out of their portfolios.
Pressure from bond yields and a stronger dollar continued to weigh on gold prices in the March 4 session, pushing this precious metal to its lowest level in nearly 9 months. The downward trend continued in the session of March 5, which led the price of gold to close this week of operations with a fall of 1.8%.
About the Grim Forecast Experts
Gold prices fell to the lowest level in 9 months, as better-than-expected US employment data helped the dollar and US Treasury yields. The latest report showed that The number of jobs in the US in February increased more than expected, raising hopes for a period of rapid economic recovery fueled by significant financial stimulus and the large-scale Covid-19 vaccination declaration.
The yield on US Treasuries benefited, causing the 10-year term to skyrocket to the highest level since February 2020 and the USD also shared the same trend. Optimism about the economic outlook will continue to drive higher bond yields. That “blew up” growing momentum in many commodity markets, including gold.
Right now, experts have a pretty bleak outlook on short-term gold prices. Most experts and investors said that it cannot be reversed next week. In it, a notable factor was the move by Fed Chairman Jerome Powell on Thursday, March 4, reiterating his commitment to maintaining a loose and flexible monetary policy until the US labor market fully recovers.
That statement disappointed gold investors, who expected it to act in response to the recent surge in US 10-year Treasury yields, an event that sent gold prices tumbling below 1,700. USD / ounce.
Like analysts at HSBC Bank, Powell’s comments are not new, but they extinguish any chance that the Fed will act to control bond yields. If bond yields continue to rise, the prices of gold and other precious metals may fall further.
Sharing the same point of view, Mr. Carlo Alberto De Casa, chief analyst at ActivTrades Brokerage, said that the gold market is still in a downtrend and has not shown any signs of recovery anytime soon.
Also from the point of view, a stronger USD and higher bond yields will continue to dominate the price of gold. SIA Wealth Management strategist Colin Cieszynski said gold will continue to struggle until inflation rises to a level that cannot be ignored. Meanwhile, in addition to gold, global commodities will also increase in price, it will take some time for inflation to become a problem that requires the intervention of economic operators.
In next week’s gold market survey, due Kitco News yield, the rate of forecasted gold prices fell overwhelmingly. Of 13 experts and analysts who participated in the Wall Street survey, 8 people (57%) said they are not optimistic about prices next week, only 4 analysts (29%) predict price increases, 2 people (14%) they have a neutral opinion on this precious metal.
Of the 1,482 retail investors who participated in a Main Street online survey, 657 people (or 44%) predicted a larger drop than the 595 (40%) forecast for a rise in gold, 230 (16%). For a neutral opinion.
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