Gold price today December 16 turns down, Kitco’s “hot” survey on gold price next week

Gold price today December 16: World gold turns down

After trading sideways in the first half of the week, gold rose sharply on Wednesday and retreated sharply on Friday following key US data. Updated Federal Reserve figures and FOMC Chairman Jerome Powell’s press conference both indicated that further interest rate hikes are not on the table. And that the central bank had a 75 basis point cut by 2024. The news pushed gold prices back above $2,000 and they continued to trade above that level on Friday afternoon.

Kitco News’ latest weekly gold survey shows that the majority of retail investors are expecting gold prices to rise next week, while market analysts are neutral on the near-term outlook for the metal. yellow type.

Adrian Day, Chairman of Adrian Day Asset Management, maintains a near-term bearish forecast for gold prices: “The market has reacted with irrational exuberance, the Fed has stopped tightening, despite a “Some other central banks probably won’t do so, and it’s possible that the Fed and others will cut next year, but not as soon or as suddenly as the market expects.”

“I think there will be a pullback next week, but will the long-term uptrend continue? It will take another year for everything to be answered.”

Adam Button, head of currency strategy at Forexlive.com, said everything favors higher gold prices next week: “The Fed is pivoting, the dollar is falling.”

Frank McGhee, head of precious metals dealer Alliance Financial, said gold’s recent rally was on track: “I think the recovery in stocks and interest rates in general has outpaced itself, and “You’re starting to see some other Fed officials come out and try to push back on the chairman’s post.” McGhee believes that the market is no longer confident that the Fed will cut interest rates any faster. What’s needed now is one or two “hot” reports to push gold prices faster. He said it’s not just precious metals but the broader market and other asset classes that are trying to stay ahead of the Fed and push for a policy pivot. He believes that it may take until the middle of next year for the Fed to consider and start talking about cutting interest rates. In the near future, McGhee believes that the gold price will fall below 2,000 USD: “I think the gold price will retest the 1,950 USD level, perhaps even 1,930 USD.

This week, 12 Wall Street analysts participated in the Kitco News Gold Survey and produced perfectly balanced results. Three experts, or 25%, expect to see higher gold prices next week and another three analysts predict lower gold prices. The remaining six experts, accounting for 50% of the total, have a neutral view on gold next week.

Meanwhile, 594 votes were cast in Kitco’s online polls and market participants continued to maintain an optimistic outlook on gold prices. 379 retail investors, or 64%, expect gold to rise next week. Another 120 respondents, or 20%, predicted lower prices, while 95 respondents, or 16%, were neutral on the precious metal’s short-term outlook.

Gold price today December 16: Domestic SJC gold continues to increase by 200,000 VND/tael in both directions

Today’s SJC gold price nationwide in the early morning recorded an increase of 200,000 VND/tael in both buying and selling directions to 73.5 million VND/tael and 74.5 million VND/tael, respectively. Specifically, SJC gold prices are being listed at specific stores as follows:

SJC gold price in Hanoi and Da Nang area is listed at 73.5 million VND/tael purchased and 74.52 million VND/tael sold. In Ho Chi Minh City, SJC gold is still buying at the same level as in Hanoi and Da Nang areas but selling is 20,000 VND lower. Thus, compared to yesterday morning, SJC gold price continues to be adjusted to increase by 200,000 VND in both directions.

At Mi Hong Jewelry Company, Mi Hong gold price at the time of the survey listed SJC gold price at 73.50 – 74 million VND/tael (buy – sell).

SJC gold price at Bao Tin Minh Chau Co., Ltd. was also traded at 73.50 – 74.45 million VND/tael (buy – sell). In Phu Quy, SJC gold is being traded at 73.3 – 74.3 million VND/tael (buy – sell).

Unit: x1000 VND/tael