Gold price update morning 2.3: Improved sentiment, bright prospects

SJC gold bar price

As of 6:00 AM on March 2nd, SJC gold bar prices were listed by DOJI Group at 184-187 million VND/tael (buying - selling). The difference between buying and selling prices is at 3 million VND/tael.

SJC gold bar price is listed by Bao Tin Minh Chau at 184-187 million VND/tael (buying - selling). The difference between buying and selling prices is at 3 million VND/tael.

Phu Quy Jewelry Group listed SJC gold bar prices at 184-187 million VND/tael (buying - selling). The difference between buying and selling prices is at 3 million VND/tael.

9999 gold ring price

As of 6:00 AM on March 2, DOJI Group listed the price of gold rings at the threshold of 183.8-186.8 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

Bao Tin Minh Chau listed gold ring prices at 184-187 million VND/tael (buying - selling). The difference between buying and selling prices is at 3 million VND/tael.

Phu Quy Gold and Gems Group listed the price of gold rings at 184-187 million VND/tael (buying - selling). The buying - selling difference is at 3 million VND/tael.

Currently, the buying - selling price difference of gold is at a very high level, around 3 million VND/tael, posing a risk of losses for investors.

World gold price

At 5:55 AM on March 2, world gold prices were listed around the threshold of 5,278.2 USD/ounce.

Gold price forecast

After a week of strong breakthroughs and closing at $5,278.2/ounce, the gold market is receiving many positive reviews from international analysts. Kitco News' weekly gold survey shows that optimistic sentiment is clearly returning to Wall Street, while individual investors continue to maintain a trend leaning towards a fourth consecutive week of price increase scenario.

Among the 18 experts participating in the survey, 67% predicted that gold could exceed the 5,300 USD/ounce mark next week. Only 11% predicted a price decrease, the rest believed that the market needed more accumulation time. In the group of individual investors, 76% expected gold prices to continue to rise, reflecting that "defensive" sentiment still prevailed as geopolitical risks had not cooled down.

Mr. Rich Checkan - Chairman and COO of Asset Strategies International - said that the foundation for gold price increases has been strengthened over the years, especially when central banks are stepping up buying. According to him, the weakening of the US economy, the depreciating USD and the high public debt burden are factors that may continue to support the precious metal in the medium term.

Agreeing with this view, Mr. Darin Newsom - senior market analyst at Barchart. com - believes that the current geopolitical context still contains many unpredictable variables. In a high-risk environment, the demand for holding safe-haven assets like gold is unlikely to decline soon.

However, some opinions also noted that after increasing by nearly 19% compared to the bottom of 4,400 USD/ounce, gold may see technical corrections in the short term. The market next week will be particularly sensitive to a series of US economic data such as PMI, the ADP jobs report and the non-farm payroll. This information will directly affect the policy expectations of the US Federal Reserve (Fed).

In general, as US-Iran tensions remain complex and the global economy faces many uncertainties, gold is still seen as an important safe haven channel. However, short-term volatility may increase if unexpected information appears from the geopolitical front or monetary policy.