Last week, gold prices successfully held above $1,800/ounce and broke through the resistance level of $1,850/ounce. This is creating optimism in the market, with both investors and experts expecting higher prices this week.
World gold price decreased, domestic gold price also went down.
Gold price movements today
+ Domestic gold price
At 6:00 p.m. on March 6, on Doji's trading floor, the gold price was listed at 66.15 - 66.8 million VND/tael (buy - sell), unchanged from the end of the previous trading session.
Meanwhile, on the SJC trading floor, SJC gold has a buying price of 66.15 million VND/tael, selling price of 66.85 million VND/tael, down 50,000 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 1,850 USD/ounce, down 6 USD per ounce compared to yesterday afternoon.
On the morning of March 6, world gold converted to USD bank price was nearly 53.34 million VND/tael (excluding tax and fees), about 13.53 million VND/tael lower than domestic gold price.
In the world gold market, spot gold price is trading at 1,856 USD/ounce. Gold futures price is trading at 1,857 USD/ounce.
Gold prices rose for the first time in five consecutive weeks of declines at the end of last week, surpassing the resistance level of $1,850 an ounce, creating the biggest optimism among investors in months. Currently, both retail investors and Wall Street analysts are expecting higher gold prices next week.
Gold Price Forecast
Gold remains on an upward trend despite continued gains in U.S. Treasury yields, said Ole Hansen, head of commodity strategy at Saxo Bank. Last week, the yield on the 10-year U.S. Treasury note rose above 4%, its highest level since November 2022. At the same time, the yield on the 2-year note is inching closer to 5%. Inflation remains a major concern, he said.
“Gold can still do well even if bond yields push higher if investors think inflation is going to rise,” he said.
Hansen noted that gold’s recent rally has pushed prices back above the 21-day moving average. While he is bullish on gold, he still sees the possibility of gold being “stuck” in a consolidation.
“Gold really needs to break above $1,885 an ounce or even $1,900 an ounce before we can see greater interest from investors,” he said.
In the latest survey, 68% of experts are bullish on gold in the coming period, and 51% of retail investors participating in Main Street polls also expect gold to rise this week.
Market sentiment has changed significantly since last week. Last week, investors were bearish on gold and looking for prices to fall to $1,800 an ounce.
Investors are predicting gold prices to hold steady and could end this week around $1,841 an ounce.
The change in sentiment comes as gold markets snap a five-week losing streak. Prices are now up nearly 2% from Friday and trading above $1,850 an ounce.
Michael Moor, founder of MoorAnalytics, said that gold bottomed out last week when it fell to $1,810 an ounce. He added that if prices can hold above $1,838 an ounce, gold could see further upside for days.
Barchart senior technical analyst Darin Newsom also sees solid technical momentum for gold this week, adding that he also sees potential weakness in the greenback providing a boost to the precious metal.
Meanwhile, Marc Chandler, CEO at Bannockburn Global Forex, viewed gold's February correction as a buying opportunity and said prices are likely to move higher in the near term.
"The strategy I suggested last week was to buy at $1,800 an ounce. Gold ended the week around $1,850 an ounce. I see the next move higher for gold near $1,865 an ounce and then $1,882 an ounce. Momentum indicators are moving higher and I expect the jobs data to confirm that the January pick-up was a breakout," he said.
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