Gold price today March 3, 2024, SJC gold price, gold ring price increased rapidly in the middle of the world's 'terrible price storm', experts predict shock

Gold price today March 3, 2024, SJC gold price jumped, benefiting from the global market. Extraordinary, amazing, almost unbelievable... are a few of the many words that can be used to describe the extremely strong price increase of gold last week. Experts say not to be optimistic, need to be sober.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 3/3 and EXCHANGE RATE TODAY 3/3

1. SJC - Updated: 03/02/2024 15:28 - Website time of supply source - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
SJC 1L, 10L, 1KG	77,800	80,300
SJC 5c	77,800	80,320
SJC 2c, 1c, 5c	77,800	80,330
SJC 99.99 gold ring 1 chi, 2 chi, 5 chi	65,300	66,500
SJC 99.99 gold ring 0.3 chi, 0.5 chi	65,300	66,600
Jewelry 99.99%	65,200	66,100
Jewelry 99%	63,946	65,446
Jewelry 68%	43,102	45,102
Jewelry 41.7%	25,716	27,716

Domestic gold prices increased sharply last week.

Opening the first session of the week on February 26, DOJI Gold and Gemstone Group listed the price of SJC gold at 76.75 - 78.95 million VND/tael (buy - sell), an increase of 300 thousand VND/tael in both buying and selling compared to the closing session last weekend.

The domestic gold price on the afternoon of February 27 increased to over 79 million VND/tael. Specifically, at 2:00 p.m., VietinBank Gold & Jewellery Company Limited listed the gold price at 77.2 - 79.22 million VND/tael (buy - sell), an increase of 400 thousand VND/tael for buying and 200 thousand VND/tael for selling compared to the previous session's closing price.

Opening the trading session on the morning of March 1, the prices of gold bars and gold rings skyrocketed; in which, gold rings continued to set a new record, approaching 66.6 million VND/tael. Bao Tin Minh Chau Gold and Silver Company listed the price of gold rings at 65.48 - 66.58 million VND/tael (buy - sell), an increase of 100 thousand VND/tael in each direction compared to the closing price yesterday.

At the same time, the price of SJC gold bars was also adjusted up by businesses. At DOJI Gold and Gemstone Group, it was listed at 77.55 - 79.55 million VND/tael (buy - sell), an increase of 100 thousand VND/tael in each direction compared to the closing price yesterday.

According to experts, at this time, domestic gold prices are benefiting from information on the world market thanks to purchases by central banks and retail demand in emerging markets.

At the end of the week on March 2, in the Hanoi market, DOJI Gold and Gemstone Group listed the price of SJC gold at 77.85 - 80.45 million VND/tael (buy - sell).

Thus, compared to the morning session of February 26 (at 76.75 - 78.95 million VND/tael), the price of SJC gold in the Hanoi market in the weekend session of January 17 listed by DOJI Gold and Gemstone Group increased by 1.1 million VND/tael for buying and increased by 1.5 million VND/tael for selling.

Gold price today March 3, 2024, SJC gold price, gold ring price increased rapidly in the middle of the world's 'terrible price storm', experts predict shock. (Source: Shutterstock)

World gold price Gold closed at its highest level on record on March 1, as weakening US economic data helped push down the dollar and government bond yields, boosting the appeal of gold.

At the close of the session, gold for April delivery rose $41, or 2%, to $2,095.70 an ounce. For the week, gold rose 2.3%.

According to The Gioi & Viet Nam Newspaper , at 4:29 p.m. on March 2 (Vietnam time), the world gold price at goldprice.org was at 2,082.55 USD/ounce, an increase of 38.28 USD/ounce compared to the previous trading session.

Summary of SJC gold prices at major domestic trading brands at the closing time of March 2:

Saigon Jewelry Company listed at 77.8 - 80.3 million VND/tael.

Doji Group is currently listed at: 77.85 - 80.45 million VND/tael.

PNJ system listed at: 78.6 - 81.0 million VND/tael.

Phu Quy Gold and Silver Group listed at 78.0 - 78.3 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 78.0 - 80.25 million VND/tael; Rong Thang Long gold brand is traded at 66.78 - 67.98 million VND/tael; jewelry gold price is traded at 66.30 - 67.60 million VND/tael.

Converted according to the USD price at Vietcombank on March 2, 1 USD = 24,810 VND, the world gold price is equivalent to 62.25 million VND/tael, 18.05 million VND/tael lower than the selling price of SJC gold.

Gold price at all-time high, difficulties lie ahead

Extraordinary, astonishing, almost unbelievable are just a few of the many words that could be used to describe the extremely strong bullish breakout of gold futures over the past week. Gold futures opened at $2,052.82 an ounce on Friday, and by the close of Globex at 5 p.m. ET, gold futures were up $41 an ounce. At the close, the most active April gold futures contract was trading at $2,095.70, up 2% on the day.

Market participants, investors, and traders are all beginning to understand and make more comprehensive explanations for why gold surged 2% in just one day. The difficulty here is that there was no unexpected fundamental report or event that led to such a huge price increase in just one day.

Gold market sees new record closing price, however, big challenge awaits next week

With gold prices closing in on the eye-popping $2,100/ounce mark and hitting a new record on Friday, markets are bracing for a crucial week ahead, one filled with significant macroeconomic risks.

Gold futures for April settled at $2,095.70 an ounce on Friday, a record close for the precious metal and up more than 2% from last week. The precious metal started Thursday by breaking through initial resistance above $2,050 an ounce after the Federal Reserve’s preferred inflation gauge showed a slight increase in consumer prices.

Gold markets saw their best weekly gain since November.

Despite a slow start, disappointing economic data on Friday created some weakness in the US dollar, giving gold an opportunity to quickly rally.

“Thursday and Friday’s gains confirm gold’s ability to break above the 50-day moving average, something it failed to do a month ago,” said Alex Kuptsikevich , senior market analyst at FxPro.

“There is an even longer-term scenario… The realization of this scenario would be a rise to $2,255/ounce.”

However, not all analysts believe gold will move higher, even if it ends the week with significant momentum.

Nicky Shiels , head of metals strategy at MKS PAMP, noted that gold’s out-of-the-box move could be the result of a multi-month consolidation. She said momentum could push gold higher, but the current fundamental picture remains the same.

“With gold and silver positioned as neutral and short, price action compressed technically, and overall sentiment for the precious metal exhausted, it’s really a recipe for unexplained overshoot,” she said. “Is PCE a game changer? No, and there’s not enough data to declare deflation over, and the Fed may never cut rates.”

“Can the technical rally last? Sure. But it’s not a catalyst for new investor interest and physicals alone don’t follow, so it’s going to be paper shorts and macro signals. Overall, gold is still overpaid.”

Market analysts at CPM Group are also not optimistic that the gold market can hold on to Friday's gains as it is caught in a well-defined trading pattern.

“Gold has been selling off almost every time it has tested resistance levels and when prices have tested strong support levels, investors have returned to the market, initiating new long positions again. This has kept gold prices in a wide range, mostly above $2,000,” analysts said in a report late Friday.

“The market appears to be looking for reasons to buy gold and take profits as technical resistance levels are tested. It is unclear whether prices will continue to rise in the near term, but they have posted strong gains, suggesting that profit-taking will be limited in the short term. A drop in prices could push gold back to $2,075, potentially offering a buying opportunity if the rally continues,” the analysts added.

Some analysts note that gold could face a key test next week with the release of the US non-farm payrolls report for February. At the same time, markets will be keen to see what Fed Chairman Jerome Powell has to say in two days of testimony before Congress.

Adam Button , chief currency strategist at Forexlive.com , said he would likely pay closer attention to next week's labor market data as that could have more of an impact on the dollar.

“We basically know what Powell is going to say: rates will come down, but not anytime soon. He will probably also say that the Fed will continue to monitor the incoming data. Weak jobs growth could keep gold on the rise,” he said.

It’s not just U.S. economic data that could impact the dollar. The European Central Bank (ECB) meets to decide on monetary policy next week, and its hawkish stance could support the euro in the near term.

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