Gold prices remain high

Domestic gold price

At the close of the session on February 23, the price of 9999 gold bars at SJC Ho Chi Minh City was 76.3 million VND/tael (buy) and 78.5 million VND/tael (sell). SJC Hanoi listed at 76.3 million VND/tael (buy) and 78.52 million VND/tael (sell).

DOJI Hanoi listed at 76.25 million VND/tael (buy) and 78.45 million VND/tael (sell). DOJI Ho Chi Minh City bought SJC gold at 76.25 million VND/tael and sold at 78.45 million VND/tael.

International gold price

Gold price on Kitco floor (at 20:30 on February 23, Vietnam time) traded at 2,024 USD/ounce, up 0.03%. Gold futures price for April 2024 delivery on Comex New York traded at 2,034 USD/ounce, up 0.21% on the day.

Gold prices rose slightly in early US trading. The US dollar index ended the week lower. Meanwhile, US stock indexes rose this week, crude oil prices fell and US Treasury yields rose slightly.

Stock indexes in Japan, Europe and the US have hit new record highs. Nvidia shares have risen nearly 36% this year to become the best performing stock in the S&P 500. Rising stocks have reduced demand for safe-haven gold.

Nymex crude oil prices fell and traded around $77.50 a barrel. The yield on the benchmark 10-year U.S. Treasury note was at 4.335%.

The US Dollar Index (DXY) measuring the greenback's movements against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF) decreased by 0.11% to 103.84 points.

The market has little new economic data. The US GDP report is due next week.

Gold Price Forecast

The US Federal Reserve (Fed) does not want to cut interest rates too soon and too quickly this year, according to monetary policy makers.

The market no longer expects the Fed to cut interest rates from March, instead thinking that the central bank's first rate cut will come in June. As interest rates fall, gold becomes more attractive.

The conflict between Israel and Hamas remains tense, helping keep gold prices high, said Jim Wyckoff, senior analyst at Kitco Metals.