Gold prices fluctuated in opposite directions early in the week

ANTD.VN - While the buying price of gold did not fluctuate much, businesses have significantly reduced the selling price of SJC gold, narrowing the difference between buying and selling.

Opening the trading session on the first morning of the week, Saigon Jewelry Company (SJC) listed the price of gold bars at 73.80 - 76.30 million VND/tael. Compared to the closing price at the end of last week, the price of SJC gold increased slightly by 100,000 VND/tael for buying but decreased by 400,000 VND/tael for selling, thereby narrowing the difference between buying and selling prices to 2.5 million VND per tael.

Similarly, DOJI Group also recorded a slight increase in the buying price of VND100,000 per tael, but a decrease of VND400,000 per tael in the selling price, currently listed at VND73.75 - 76.25 million/tael.

Phu Nhuan Jewelry Company (PNJ) this morning reduced the buying price by 400,000 VND/tael and the selling price by 1,600,000 VND/tael, listing the first morning of the week at 73.90 - 76.30 million VND/tael.

In Phu Quy, early this morning, SJC gold price decreased by 200,000 VND/tael for buying and 250,000 VND/tael for selling, listed buying and selling prices at 73.80 - 76.30 million VND/tael.

Bao Tin Minh Chau increased and decreased 180 thousand VND/tael for buying and 200 thousand VND/tael for selling, down to 73.82 - 76.30 million VND/tael...

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Gold prices fluctuated in opposite directions early in the week

Meanwhile, non-SJC gold recorded a slight increase of about 100 - 150 thousand VND/tael in both directions.

Specifically, SJC 99.99 rings are listed at 62.80 - 64.00 million VND/tael; PNJ Gold is listed this morning at 62.75 - 63.95 million VND/tael; Bao Tin Minh Chau's Thang Long Dragon Gold also continues to increase to a very high price of 64.14 - 65.25 million VND/tael...

In the world, gold prices opened the Asian market on the first morning of the week with a fluctuating trend, currently trading around the closing price of last week at 2,029 USD/ounce.

The precious metal rose earlier in the week as tensions in the Middle East escalated, but later fell as comments from Fed officials, along with more positive US economic data, pushed back expectations of an early rate cut.

Gold prices managed to break out of their downtrend at the end of the week, but experts are still not confident in its recovery this week, as economic data is expected to provide few clues about US monetary policy.

Analysts note that gold investors will need to keep a close eye on the US dollar as the greenback will continue to be a key factor influencing gold prices.

Next week could see some volatility for the US dollar as monetary policy decisions from three major central banks are made.

The Bank of Japan (BOJ) is expected to maintain its dovish stance and negative interest rates, while the Bank of Canada is next in line, and with December's unexpected rise in inflation, the central bank will have to take a tougher line.

Finally, on Thursday, the European Central Bank (ECB) interest rate decision is expected to bring the most volatility to the US dollar and gold.

Last week, ECB members opposed an early interest rate cut at the World Economic Forum in Davos, Switzerland. Some analysts noted that the ECB’s hawkish policy could put pressure on the US dollar and support gold prices in the near term.

Another variable for the US dollar will come from domestic data, with investors paying close attention to inflation data due out on Friday.

Still, despite all these variables, many analysts expect solid physical gold demand from Chinese companies preparing for the Lunar New Year celebrations, along with gold demand ahead of Valentine's Day, to continue to support gold prices.

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