Gold price today 3/4: End of the discount week

Gold prices in the country and in the world ended the week with a decline in the context of the USD going up, expecting the US Federal Reserve (Fed) to promote interest rate hikes in the near future.

Domestic gold price

At the end of yesterday’s trading session, the price of 9999 gold bars at SJC and Doji listed as follows:

SJC Hanoi: 68.3 million VND/tael (buy in) – 69.07 million VND/tael (sold out)

SJC HCMC: 68.3 million VND/tael (buy in) – 69.05 million VND/tael (sold out)

Doji Hanoi: 68.25 million VND/tael (buy in) – 68.95 million VND/tael (sold out)

Doji Ho Chi Minh City: 68.3 million dong/tael (buy in) – 69 million dong/tael (sold out)

International gold price

On the world gold market, spot gold price in the US increased by 4.3 USD/ounce to 1,937.2 USD/ounce. Gold futures for delivery in April 2022 on the Comex New York exchange rose $15.7 to $1,949.2 per ounce.

Gold price in the international market turned to increase strongly again after falling quite deeply before. A rising dollar and falling oil have not put great pressure on this metal item. Gold was previously under strong downward pressure when oil prices unexpectedly dropped, while the dollar rose strongly and bond yields went up.

Gold price today

Gold’s rally could still be limited as peace talks have dented the precious metal’s appeal as a safe-haven asset. The bears may be betting on hopes of a deal to end the Ukraine conflict.

The US Department of Labor released data showing that the world’s largest economy added 431,000 jobs in March, bringing the unemployment rate to 3.6%. Analysts had expected the US economy to add about 490,000 jobs in March and the unemployment rate to fall to 3.7%.

According to employment data firm ADP, US private-sector jobs rose 455,000 from February to March and in line with previous expectations.

Gold price forecast

Stephen Innes, the Fed is relying entirely on economic data, if a strong jobs report can fuel the dollar and bond yields higher, and this clearly has an effect on gold.

Bob Haberkorn, senior market strategist at commodity futures brokerage RJO Futures (US), said: “The geopolitical situation has persisted for a month now and inflation data continues. get a raise. Therefore, the general sentiment of the market right now of investors is to seek safety.”

In many surveys by Kitco, analysts and investors both expect gold prices to increase further in the new week. Many expected forecasts gold price may soon regain the $2,000/ounce zone.

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