Gold price update on the morning of January 2: Risk of decline

Updated SJC gold price

As of 6:00 a.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 6:00 a.m. today, the price of Hung Thinh Vuong 9999 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 6:00 a.m. on March 2, the world gold price listed on Kitco was at 2,858.1 USD/ounce.

Gold price forecast

World gold prices are under pressure in the context of the USD increasing. Recorded at 6:00 a.m. on March 2, the US Dollar Index measuring the fluctuations of the greenback against 6 major currencies was at 107.560 points (up 0.35%).

The latest weekly survey from Kitco News shows that the number of people optimistic about gold prices is decreasing, both among experts and individual investors, as gold continues to lose value every session.

Last week, 53% of experts (9/17 people) predicted gold prices to increase, while this week, this figure decreased sharply to only 21% (3/14 people). At the same time, experts predict that gold prices will fall from 24% (4/17 people) to 64% (9/14 people), showing increasingly negative sentiment.

Optimism among individual investors has also declined. Last week, 71 (744/204 people) expected gold prices to increase, but this week, the ratio has decreased to only 45% (62/138 people). Meanwhile, investors forecast gold prices to fall from 17% to 28%, while the forecast price for sideways remains at 28%.

These figures clearly reflect the loss of confidence in gold's upward momentum as the precious metal has continuously adjusted over the past week.

Economic calendar affecting gold prices next week

Next week, the market will focus on employment data, with the US February non-farm payroll report released on Friday morning. Other key economic events include the Eurozone fast consumer price index and the US ISM manufacturing PMI on Monday, the ADP jobs report and the US ISM service PMI on Wednesday, and weekly unemployment data on Thursday.

Another major event of the week is the European Central Bank's monetary policy decision (ECB) on Thursday, with many experts expecting the ECB to make a rate cut.