Gold price today December 23: Increasing “dizzily”, are people buying at this time?

Gold prices today, December 23, on the world market continue to reach their highest level in 2 weeks

World gold prices hit their highest level in more than two weeks on Friday, rising for a second straight week after the dollar and US Treasury yields fell.

Spot gold increased 0.4% at 2,052.69 USD/ounce, this is the highest level since December 4, up 1.7% for the week and more than 3% for the month. Within 1 year, gold has increased a total of 14.18%. Meanwhile, US gold futures prices recorded an increase of 0.9% at 2,069.1 USD/ounce.

“Precious metals, including gold, are being driven higher by expectations of a sharp Fed rate cut next year,” said Tai Wong, an independent metals trader based in New York. March, forecasting a total cut of 150 basis points by 2024.

Traders on Friday bet that the US central bank will start cutting interest rates in March after government data showed price pressures continued to cool last month. US annual inflation slowed below 3% in November and underlying price pressures continued to ease.

The dollar index (.DXY) hit a near five-month low, making gold more attractive to foreign buyers. Benchmark 10-year bond yields are also near their lowest since July.

Phillip Streible, chief market strategist at Blue Line Futures in Chicago, said gold will continue to be supported by weakness in Treasury yields and the U.S. dollar index as well as concerns about a slowdown. recession of the economy. According to him, gold’s price could be pushed up to $2,100, after which it could retest recent highs.

In India, demand for gold is falling sharply due to rising domestic prices. Silver fell 1.2% to $24.12 an ounce, after hitting a two-week high. Palladium was down 0.9% at $1,202.46 after hitting its highest since October 2. Platinum rose 0.7% to $969.67, its highest level since September 1. All three metals are headed for a second straight weekly gain.

Gold price today December 23: SJC gold decreased slightly from historical peak, recommendations from experts

After a “stormy” session, continuously setting new historical milestones, the domestic SJC gold price this morning cooled down. SJC gold prices nationwide are currently trading at 75.8 million and 76.8 million VND/tael, an increase of 1 million VND in both buying and selling directions compared to yesterday morning. SJC gold prices are currently listed at stores as follows:

In Ho Chi Minh City, Saigon Border Guard Company (SJC) listed a purchase price of 75.80 million VND/tael; The selling price is 76.80 million VND/tael, an increase of 600,000 VND/tael in buying and selling prices compared to the opening time yesterday morning, but down 400,000 VND/tael compared to the peak of 77.20. million VND/tael (2:17 p.m.). The difference in gold selling price is still 1 million VND/tael higher than the buying price. In Hanoi and Da Nang, the buying price is the same as in Ho Chi Minh City but the selling price is 20,000 VND/tael higher.

At DOJI Group, SJC gold bars are listed at 75.70 – 77 million VND/tael. Compared to the beginning of yesterday morning’s session, the gold price at DOJI increased by 700,000 VND/tael in the buying price and increased by 1 million VND/tael in the selling price. The difference in gold buying and selling prices at DOJI has widened from 1 million to 1.3 million VND/tael.

Phu Quy SJC gold bars are buying at the price of 75.7 million VND/tael and selling at 77.2 million VND/tael, an increase of 1.1 million VND on the buying side and 1.5 million VND on the selling side compared to the morning. yesterday morning. PNJ listed gold bar prices at 75.75 million VND/tael for buying and 76.95 million VND/tael for selling, an increase of 850,000 VND on the buying side and 1.15 million VND on the selling side.

Meanwhile, Bao Tin Minh Chau increased by 950,000 VND on the buying side and 1.53 million VND on the selling side to 75.7 million VND/tael and 77.18 million VND/tael, respectively.

Mr. Dinh Tung Lam, Deputy Director of the Da Vinci Financial Investment Practice Institute, said that the world gold price will rise to 2,200, even 2,350 USD/ounce in a short time. In the near future, there will be more information supporting the increase in gold prices. If converted to Vietnamese currency, gold can increase to 83-90 million VND/tael in the next 6 months. This expert recommends that when buying gold, investors need to pay attention to the quality and standard materials and choose to buy at reputable businesses, avoiding the psychology of following the crowd or rushing to buy SJC gold. While prices are rising, causing shortages.

Mr. Huynh Trung Khanh – Advisor to the World Gold Council, Vice Chairman of the Vietnam Gold Trade Association (VGTA) has the opposite opinion: If the world gold price increases to 2,080 USD/Ounce, the domestic gold price will increase. only reached the highest threshold of 75 million VND/tael and then turned back down. Therefore, investors should not buy gold at this time if they intend to “surf” to make a profit. Mr. Khanh recommends that if investors already have investment assets such as real estate, stocks, or savings but still do not have gold, they should add gold to their investment portfolio. However, you should only buy when there is a downward adjustment and not now when the gold price is on the rise and about to reach its peak.

Unit: x1000 VND/tael