Gold price today 4/4: Russia

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.

The gold market ended the first quarter of 2022 with the strongest gain since the third quarter of 2020 due to strong demand, pushing prices at one point to $ 2,060 an ounce.

Gold price chart

The Bureau of Labor Statistics released some encouraging news that 431,000 Americans had jobs in March, close to the previous forecast of 490,000 jobs. With that, the unemployment rate fell to a two-year low of 3.6%.

The unemployment rate fell to its lowest level in nearly two years and wages rebounded, reinforcing forecasts that the Fed will raise interest rates by 0.5 percentage points in May. Expectations of a rate hike have kept gold down. , as that drives up the opportunity cost of holding this unprofitable precious metal.

Possible progress in cease-fire negotiations between Russia and Ukraine could devalue gold’s safe-haven value. Besides, the 10-year US bond yields and the USD increased, making gold less attractive.

Gold price forecast

According to a Wall Street survey, 5 analysts, accounting for 28%, forecast gold prices to increase next week; 10 analysts, or 56%, forecast a drop in prices; and 3 people, or 17%, forecast flat prices.

As for the survey results of Main Street, 336 respondents, or 56%, think that gold will increase in price next week; Another 170, or 28%, forecast a drop in prices; and 98 people, or 16%, have a neutral opinion.

Adrian Day, President of Adrian Day Asset Management, reviews, trends current gold price not much different from before the conflict in Ukraine. Once the market focuses on the policy decision of the Fed and the European Central Bank, gold prices will continue to trend up.

Jean Lusk, co-head of trade hedging at Walsh Trading, said that although gold is struggling to find new upside momentum, he still sees times of decline as buying opportunities for long-term investments. term.

Told him