Gold bars on display at the US Mint in Washington, DC. Photo: AFP/VNA
Gold prices fell on Monday, with spot gold decreasing by 0.8% to $2,388.34 per ounce, following a 1.5% drop in the previous session. Meanwhile, gold futures in the US declined by 0.5% to close at $2,431.60 per ounce.
The US Dollar Index rose by 0.25%, making gold more expensive for overseas buyers. Despite this, BOCI’s Amelia Xiao Fu believes that the macro environment remains favorable for the precious metal.
Fed policymakers have dismissed the idea that weaker-than-expected job data in July indicates an impending recession, but they have also warned that rate cuts may be necessary to prevent such a scenario.
Gold is often seen as a safe-haven asset during economic uncertainties, and it also benefits from a low-interest-rate environment. Forex.com’s Fawad Razaqzada predicts that central banks will cut rates, which should limit gold’s downside. He forecasts gold to reach $2,500 per ounce in the short term.
Top Investment Channels for 2024: Safe and Profitable
2023 is a year full of volatility in the global financial market. Against this backdrop, many investors are interested in gold as a store of assets.
Market Update on February 2nd: Oil, Copper, Iron & Steel, Rubber, and Sugar Prices Decline, Gold Surges to Almost 1-Month High.
At the end of the trading session on February 1st, the prices of oil, copper, iron and steel, rubber, and sugar all dropped, while natural gas hit a nine-month low and gold reached its highest point in nearly a month.
Chinese citizens flock to buy 280 tons of gold, realizing real estate and stocks are no longer a good investment channel
Regardless of the global decline in demand for gold, the purchasing power of Chinese citizens has propelled the price of gold to surpass the $2,000 per ounce threshold in 2023.
The Golden Fever of Mini Lucky Wealth to Experience Gold Accumulation
Understanding the increasing demand of the younger generation for investment and wealth accumulation, PNJ introduces the Mini Gold Line – Thanh Loc Dai Phat, a meaningful gold gift that inspires young people to experience wealth accumulation.
Market Update on February 3rd: Crude oil, gold, copper, iron and steel, and rubber all decline together.
At the close of trading on February 2nd, the prices of oil, gold, copper, steel, rubber, and coffee all saw a simultaneous decrease, with iron ore hitting a two-week low.
