Gold price update at the close of March 8th session: Domestic buyers suffer heavy losses after 1 week

SJC gold bar price

Closing the week's trading session, Saigon SJC Jewelry Company listed SJC gold prices at 182-185 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

Compared to the closing session of last week (March 1), the price of SJC gold bars at Saigon SJC Jewelry Company decreased by 2 million VND/tael in both directions.

Meanwhile, DOJI listed SJC gold price at 182-185 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

Compared to the closing session of last week (March 1), the price of SJC gold bars at DOJI decreased by 2 million VND/tael in both directions.

If buying SJC gold bars on March 1st and selling them on today's session (March 8th), buyers at Saigon SJC and DOJI Jewelry Company will lose 5 million VND/tael.

9999 gold ring price

At the same time, DOJI Group listed the price of gold rings at 182-185 million VND/tael (buying - selling), down 1.8 million VND/tael in both directions compared to a week ago. The buying - selling difference is at 3 million VND/tael.

Phu Quy Jewelry Group listed the price of gold rings at 182-185 million VND/tael (buying - selling), down 1.8 million VND/tael in both directions compared to a week ago. The buying - selling difference is at 3 million VND/tael.

If buying gold rings on March 1st and selling them today (March 8th), buyers at DOJI and Phu Quy will lose 4.8 million VND/tael.

The significant profit difference between business units mainly stems from differences in the timing of price adjustments during the Lunar New Year holiday.

World gold price

Closing the weekly trading session, world gold prices were listed at 5,172 USD/ounce, down 106.2 USD compared to a week ago.

Gold price forecast

Weekly gold surveys with Wall Street experts show that experts have not yet reached a clear consensus on the short-term trend of gold prices, in the context that the precious metal has just experienced a less positive trading week.

This week's survey recorded opinions from 18 market analysts. Among them, 9 people (equivalent to 50%) believe that gold prices may recover next week. 4 experts, accounting for 22%, forecast that the precious metal is likely to continue to decrease. Meanwhile, the remaining 5 analysts (28%) believe that the market is in a balanced state, with supporting factors and pressure on gold prices almost equal.

In the group of individual investors, optimistic sentiment still prevailed but decreased compared to the previous period. Kitco's online survey of 340 participants showed that 62% of small traders predicted gold prices would increase next week, while 16% thought prices might fall and 22% predicted the market might move sideways.

Last week, gold prices once increased sharply to nearly 5,400 USD/ounce as geopolitical tensions in the Middle East escalated after military developments related to Iran. However, the upward momentum did not last long as many traders took advantage of profit-taking, causing gold prices to turn down again.

Experts believe that price increases due to safe haven factors are often only short-term. When initial concerns subside, the market often quickly returns to focusing on macroeconomic factors such as interest rates, currency fluctuations and the monetary policy outlook of the US Federal Reserve (Fed).

Mr. Neil Welsh - Head of Metals at Britannia Global Markets - said that gold prices are currently being affected by many opposite pulling forces. According to him, safe-haven cash flow due to geopolitical tensions, the strength of the USD and the continuous change in expectations about the Fed's interest rate cut roadmap are causing gold prices to fluctuate mainly in a narrow range.

Meanwhile, Mr. Michael Brown - senior research strategist at Pepperstone - believes that the gold market is still in a correction phase after a strong increase at the beginning of the year. According to him, the 5,000 USD/ounce mark is considered an important support zone for gold prices in the short term and may act as a "backing point" for the market if selling pressure continues to increase.

In the coming week, investors will pay special attention to a series of important US economic data such as the consumer price index (CPI), unemployment claims and growth indicators. This information is believed to be able to significantly affect the Fed's interest rate expectations and thereby directly impact the trend of gold prices.