Specifically, the world gold price increased by 20 USD on the afternoon of March 10, from 1,813 USD to 1,833 USD/tael. Currently, the US Department of Labor's employment report on Friday is forecast to show 203,000 to 225,000 jobs created last month. In addition, economists predict the unemployment rate will increase from 3.4% in January to 3.5% in February.
Federal Reserve Chairman Jerome Powell concluded his semi-annual testimony before Congress. Powell warned that the Fed could be more aggressive because "the latest economic data has been better than expected, suggesting that the final rate could be higher than previously anticipated." The head of the world's most powerful central bank also left open the possibility of raising interest rates by another 50 basis points at the Fed's meeting on March 21-22.
World gold prices increased while domestic gold prices fluctuated in opposite directions.
However, Chairman Powell further emphasized that the Fed will not make any final decisions on the size of the upcoming interest rate hike until data from the jobs report and the consumer price index (CPI) report next Tuesday are released.
Gold price movements today
+ Domestic gold price
At 3:00 p.m. on March 10, the gold price at Doji was listed at 65.9 - 66.6 million VND/tael (buy - sell), continuing to increase by 50,000 VND/tael compared to the previous trading session.
Meanwhile, the price of gold at SJC reversed the trend and decreased by 50,000 VND per tael compared to the previous session, with the buying price being 65.8 million VND/tael and the selling price being 66.5 million VND/tael.
The price of jewelry gold and 24K gold rings of all kinds is traded around 52.12 - 54.35 million VND/tael.
+ International gold price
At the same time, the world gold price listed on Kitco was at 1,833 USD/ounce, up 20 USD compared to yesterday afternoon.
On the morning of March 10, the world gold price converted to USD bank price was nearly 52.67 million VND/tael (excluding tax and fees), about 14.05 million VND/tael lower than the domestic gold price.
In the world gold market, spot gold price is trading at 1,831 USD/ounce. Gold futures price is trading at 1,832 USD/ounce.
Gold Price Forecast
Gold prices have been reasonable for the past three years, trading below $1,500 an ounce and rising to a new record high above $2,050 an ounce, according to investment bank Liberum.
Liberum analyst Tom Price said the gold price outlook is influenced by the Fed's long-term interest rate hikes and US economic growth.
Liberum forecasts that gold prices will average $1,690 an ounce this year, $1,795 an ounce in the first quarter, and stabilize at $1,600 an ounce in 2024.
Gold at $1,800 an ounce has an important role to play in a portfolio, said DoubleLine Capital CEO Jeffrey Gundlach.
Gold's role remains secure, he added, despite the Fed's "very likely" 50 basis point rate hike at its March meeting, which is scheduled for two weeks away. Following Powell's remarks, the likelihood of a 50 basis point hike has increased significantly in the market.
The only thing that could change the Fed's hawkish stance, he said, would be a surprise drop in February's jobs data, which is expected to be released Friday. However, that scenario is unlikely, he said.
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