Updated gold price at the end of session 1.3: Negative prospects

Updated SJC gold price

As of 5:00 p.m., DOJI Group listed the price of SJC gold bars at 88.5-90.5 million VND/tael (buy in - sell out), unchanged in both buying and selling directions. The difference between the buying and selling prices of SJC gold was listed by DOJI at 2 million VND/tael.

At the same time, the price of SJC gold bars was listed by Saigon Jewelry Company at 88.5-90.5 million VND/tael (buy in - sell out), unchanged in both buying and selling directions. The difference between the buying and selling prices of SJC gold was listed by DOJI at 2 million VND/tael. The difference between the buying and selling prices of SJC gold at Saigon Jewelry Company SJC is at 2 million VND/tael.

Meanwhile, Bao Tin Minh Chau listed the price of SJC gold bars at 88.7-90.5 million VND/tael (buy - sell), down 100,000 VND/tael for buying and kept the same for selling. The difference between the buying and selling prices of SJC gold was listed by Bao Tin Minh Chau at 1.8 million VND/tael.

9999 round gold ring price

As of 5:00 p.m. today, the price of 9999 Hung Thinh Vuong round gold rings at DOJI is listed at 90-91 million VND/tael (buy in - sell out); both buying and selling prices remain unchanged. The difference between buying and selling is listed at 1 million VND/tael.

Bao Tin Minh Chau listed the price of gold rings at 90.1-91.3 million VND/tael (buy - sell); increased by 50,000 VND/tael for buying and kept the same for selling. The difference between buying and selling is 1.2 million VND/tael.

World gold price

As of 5:00 p.m., the world gold price listed on Kitco was at 2,858.1 USD/ounce, down 3.6 USD/ounce compared to the same time of the previous session.

Gold price forecast

World gold prices fell sharply in the context of the USD increasing. Recorded at 5:00 p.m. on March 1, the US Dollar Index measuring the fluctuations of the greenback against 6 major currencies was at 107.560 points (up 0.35%).

In the weekly gold survey of Kitco News, the optimistic sentiment among analysts and retail investors has decreased sharply.

Adrian Day - Chairman of Adrian Day Asset Management - said that gold prices may continue to adjust down due to profit-taking activities, but this decrease is not a concern. "Gold has gained 12% this year but has only fallen less than 4% since the peak. This is just a temporary correction," he said.

Marc Chandler - CEO of Bannockburn Global Forex - agreed with the above view when he said that gold prices may continue to decline in the short term. "Gold set a record on February 24 at $2,956 an ounce but was later sold off. Gold is showing signs of trading as a risky asset rather than a safe-haven asset," Chandler analyzed.

According to this expert, the next support level for gold could be at 2,814 USD/ounce, if it breaks this level, the price could fall to 2,770 USD/ounce.

Daniel Pavilonis - senior commodity broker at RJO Futures - commented that the recent decline in gold prices is related to the "risk-off" mentality in the financial market. "Stock and gold markets are both falling, while US bond yields are also cooling. This shows that cash flow is shifting away from risky assets," he explained.

Pavilonis said that the important support level for gold is currently at 2,600 USD/ounce, corresponding to the 200-day moving average. "If the S&P 500 falls below 5,700 points, gold could adjust to the $2,600/ounce zone before finding a balance," he warned.

According to Adam Button - Head of Foreign Exchange Strategy at Forexlive.com, gold prices may continue to decrease as cash flow in China is shifting from gold to stocks in the context of the economy having prospects for recovery.

Everett Millman - an analyst at Gainesville Coins - said that this price drop is a healthy adjustment after a series of strong increases since the beginning of the year. "Before this week, gold prices were almost just rising. Adjustment is normal, especially when speculative cash flow is taking profits and waiting for new points," he said.

However, Millman remains optimistic about the long-term outlook for gold. He said that $3,000/ounce could soon be established as a new support zone if gold prices conquer this mark.

Notably, Jim Wyckoff - senior analyst at Kitco - warned that the gold market is lacking new positive information to maintain the upward momentum. "A bull market needs to be continuously fueled by positive news. Recently, the gold market has lacked these factors," he said.