Gold price today 3/2: Regaining upward momentum, experts give a new forecast on the trend

Gold cannot determine the short-term trend.

In the early morning hours of February 3, Vietnam time, spot gold price on the world market increased 0.07% to $1,807.4 per ounce at 8:08 am (Vietnam time), according to kitco. While the price of gold for February delivery fell 0.11% to $1,808.35.

Michael Hewson, head of market analysis at CMC Markets UK, said gold cannot determine a trend in the short term as high inflation in the euro area puts pressure on the announcement of not raising interest rates in the near future. this year by the European Central Bank (ECB).

Gold is seen as a hedge against inflation, but tight monetary policy increases the opportunity cost of holding non-yielding assets like gold.

According to Carlo Alberto De Casa, market analyst at Kinesis, the expected rate hikes this year globally, starting with the Bank of England on Thursday (February 3), are also likely to make reduce the safe-haven property of gold, created from the Russia-Ukraine crisis.

In Vietnam, in the last trading session of the old year, the price of SJC gold was listed by Saigon Jewelry Company for 61.8-62.52 million VND/tael at the close of last week's session; Doji gold price in Hanoi market also closed the week and closed the year of the Tan Ox at 61.75-62.50 million VND/tael.

Meanwhile, the price of 24K Dragon Thang Long gold of Bao Tin Minh Chau recovered strongly in the last session of the week by 320,000 dong and closed at 53.24-53.99 million dong/tael.

Gold price of 9999 NPQ brand also recovered slightly and closed the trading week at 52.95-53.65 million VND/tael bought and sold….

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