Gold price today 7.4: Continuously declining, prospects are not bright

Updated SJC gold price

As of 10:00, the price of SJC gold bars was listed by Saigon Jewelry Company Limited - SJC at 97.1-100.1 million VND/tael (buy in - sell out). The difference between buying and selling prices is at 3 million VND/tael.

At the same time, the price of SJC gold bars was listed by DOJI Group at 97.1-100.1 million VND/tael (buy in - sell out). The difference between buying and selling prices is at 3 million VND/tael.

Meanwhile, Bao Tin Minh Chau listed the price of SJC gold bars at 97.5-100.1 million VND/tael (buy in - sell out). The difference between buying and selling prices is at 2.6 million VND/tael.

9999 round gold ring price

As of 10:00 a.m. today, the price of 9999 Hung Thinh Vuong round gold rings at DOJI was listed at 96.7-100.1 million VND/tael (buy in - sell out). The difference between buying and selling is listed at 3.4 million VND/tael.

Bao Tin Minh Chau listed the price of gold rings at 97.9-100.8 million VND/tael (buy in - sell out). The difference between buying and selling is 2.9 million VND/tael.

In the context of strong fluctuations in domestic gold prices, the buying-selling gap is pushed to an excessively high level, causing risks for individual investors to increase.

In the context of many fluctuations in the world gold market, the large difference between buying and selling in the domestic market is a clear warning sign. If gold prices turn down, buyers will face a huge loss. Personal investors, especially those with a "surfing" mentality, need to consider carefully before putting money down.

World gold price

At 10:20 a.m. on April 7, the world gold price listed on Kitco was around 3,027.2 USD/ounce, down 9.6 USD/ounce compared to the beginning of the trading session yesterday morning.

Gold price forecast

Kitco News' survey results show that out of 16 Wall Street experts, 5 (31%) predict gold prices will increase, 8 (50%) predict a decrease, and 3 (19%) think prices will go sideways.

As predicted by many experts, gold prices at the beginning of the trading session continued to decline.

Adrian Day - Chairman of Adrian Day Asset Management said that gold prices may continue to decline in the next few days, pushing the precious metal down to the $3,000/ounce area or lower. However, this expert also emphasized that this is only a short and slight correction, the factors supporting gold over the past two years have not only not been lost but are also clearer.

Although prices have increased sharply this year, gold is still not a popular holding, especially in North America. Therefore, he predicted that gold prices will decrease next week but will increase sharply in the rest of the year.

Kevin Grady - Chairman of Phoenix Futures and Options said the market is currently very chaotic, including with gold. He said many investors are selling profitable investments, such as gold, to collect cash to add funds for investments in stocks. When gold increases sharply, speculators rush to buy, but this is a group of investors who are impatient or have little capital, and now they also have to sell.

He stressed that algorithms are controlling the market and many major banks have withdrawn from gold positions ahead of the tax announcement on April 2.

According to Grady, there will be a strong increase in gold next week because the market is still unstable. Investors are prioritizing cash because they do not know where to invest. At the same time, he also noted that the commodity market has increased well at the beginning of the year and is now being sold to support the stock portfolio.

Grady said the market needs time to stabilize, and the important thing is to wait and see how gold recovers after the news of not being taxed has been confirmed.

Marc Chandler - CEO at Bannockburn Global Forex commented that gold is gradually losing its role as a safe haven asset in the eyes of individual investors when it is sold off in parallel with stocks, although the USD and bond yields are decreasing.

He said the 1.5% reduction this week was just to regain the previous increase. After breaking below $3,054 an ounce, he said gold could continue to fall to $3,030 and then $3,000 an ounce. According to him, technical indicators are signaling a decrease.