Gold price today (March 3): Gold is at risk of correction in the coming time. However, experts say that the correction will take place in a short time.
Domestic gold price today
Gold price Domestic gold prices are stable. Currently, gold brands are buying at VND88.5 million/tael and selling at VND90.5 million/tael. Bao Tin Minh Chau Gold and Phu Quy SJC Gold are buying at VND300,000 and VND200,000 higher than other brands, respectively.
Similarly, the price of gold rings of various brands also continued to remain stable. Specifically, the price of SJC 9999 gold rings was listed at VND 88.5 million/tael for buying and VND 90.4 million/tael for selling.
DOJI in Hanoi and Ho Chi Minh City markets kept the buying and selling prices the same as yesterday morning at 90 million VND/tael and 91 million VND/tael.
The listed buying and selling prices of PNJ brand gold rings are at 89.8 million VND/tael and 90.5 million VND/tael.
Bao Tin Minh Chau listed the price of plain round gold rings at 90.1 million VND/tael for buying and 91.3 million VND/tael for selling, unchanged from early this morning.
Phu Quy SJC is buying gold rings at 90.2 million VND/tael and selling at 91.2 million VND/tael.
Domestic gold bar prices updated at 5:30 a.m. on March 3 as follows:
Yellow | Area | Early morning 2-3 | Early morning 3-3 | Difference | ||||||
Buy | Sell | Buy | Sell | Buy | Sell | |||||
Unit of measure: Million VND/tael | Unit of measure: Thousand dong/tael | |||||||||
DOJI | Hanoi | 88.5 | 90.5 | 88.5 | 90.5 | - | - | |||
Ho Chi Minh City | 88.5 | 90.5 | 88.5 | 90.5 | - | - | ||||
SJC | Ho Chi Minh City | 88.5 | 90.5 | 88.5 | 90.5 | - | - | |||
Hanoi | 88.5 | 90.5 | 88.5 | 90.5 | - | - | ||||
Danang | 88.5 | 90.5 | 88.5 | 90.5 | - | - | ||||
PNJ | Ho Chi Minh City | 88.5 | 90.5 | 88.5 | 90.5 | - | - | |||
Hanoi | 88.5 | 90.5 | 88.5 | 90.5 | - | - | ||||
Bao Tin Minh Chau | Nationwide | 88.8 | 90.5 | 88.8 | 90.5 | +100 | - | |||
Phu Quy SJC | Nationwide | 88.8 | 90.5 | 88.7 | 90.5 | - | - | |||
World gold price today
Concerns over President Donald Trump’s threat to impose tariffs on imports from Mexico and Canada and the greenback’s volatility related to interest rate expectations have had a strong impact on gold’s direction this past week. Experts say these remain key factors in determining whether gold can conquer the $3,000/ounce mark.
The latest Kitco News weekly gold survey shows that sentiment among both industry professionals and retail traders is increasingly bearish as the precious metal moves this past week.
Adrian Day, chairman of Adrian Day Asset Management, said the correction that began last week is not over. However, Day said the fundamentals that have driven gold purchases over the past two years are still in place, so any further pullback (possibly to as low as $2,600 an ounce) would be short-lived.
Sharing the same view, Marc Chandler, CEO of Bannockburn Global Forex, said that the gold price correction is likely to continue in the coming time. According to him, the initial support level of gold is near $2,814/ounce and the price is at risk of falling to $2,770/ounce if this support level is broken.
This week, market participants will be looking forward to the February non-farm payrolls report, data on US manufacturing and services sector activity, and weekly jobless claims data. Another important event this week is the European Central Bank's monetary policy meeting. Economists expect the ECB to cut interest rates again at this meeting.
Despite gold’s declines for most of last week, Gainesville Coins market analyst Everett Millman is not worried. He said that amid the uncertainty around global trade, the U.S. economy and what’s going on in Washington, it’s natural for investors to convert their assets into cash and wait for a better entry point or opportunity.
For that reason, Millman maintains his prediction that gold prices will rise above $3,000/ounce in the near future and believes that the yellow metal has a good chance of converting this level into support.
With the domestic gold bar price stable and the world gold price listed at Kitco at 2,858.1 USD/ounce (equivalent to about 88.6 million VND/tael if converted at Vietcombank exchange rate, excluding taxes and fees), the difference between domestic and world gold prices is about 1.9 million VND/tael.
Source: https://baolangson.vn/gia-vang-hom-nay-3-3-dot-dieu-chinh-cua-vang-se-keo-dai-bao-lau-5039613.html
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