world gold price

Gold price today December 30: World gold is stable

World gold prices stabilized around $2,070 an ounce on Friday and are expected to end the year higher on firm expectations that the US Federal Reserve will begin cutting interest rates early next year. The metal rose more than 13% in 2023, its first gain in three years and a record high in history. At the time of the survey at 7:30 this morning, December 30, the world gold price was trading at 2,062 USD/ounce.

After implementing a strong interest rate hike cycle starting in early 2022, the US central bank is now expected to begin easing as soon as March 2024 in the context of inflation in the US showing signs of lowering. heat. The Fed’s dovish tone at its December policy meeting, where it signaled more rate cuts in 2024 and beyond, also reinforced that view. Furthermore, rising geopolitical tensions in the Middle East and the prospect of a prolonged war in Gaza have boosted safe-haven demand for gold. Elsewhere, the European Central Bank and the Bank of England said they had no intention of cutting interest rates anytime soon, while other major central banks were expected to follow the Fed in easing policy.

According to experts, gold is expected to trade at 2075.43 USD/ounce at the end of this quarter. Looking forward 12 months, Trading Economics analysts estimate it will trade at $2,144.61 per ounce.

UPS analyst Giovanni Saunovo said the lack of “catalysts” during periods of weak liquidity could help gold stabilize. The next “catalyst” may come from a number of important reports, including the purchasing managers index and employment report in early 2024.

This expert predicts that gold prices will be higher in the next 12 months thanks to weaker economic data and cooling inflation in the US, forcing the US Federal Reserve (Fed) to cut interest rates. Currently, according to the CME FedWatch tool, investors are betting on an 88% chance that the Fed will cut interest rates as early as March.

Gold price today December 30: Domestic gold “dances” continuously, the State Bank said it is ready to increase the supply of gold bars to stabilize the market

After Prime Minister Pham Minh Chinh’s directive to stabilize domestic gold prices, SJC gold prices plummeted for 2 consecutive sessions. Yesterday afternoon, December 29, SJC gold price “fluctuated” around 71.73 million VND/tael purchased and 74.76 million VND/tael sold. Currently, SJC gold prices nationwide are trading at 73 million and 76 million VND/tael of buying and selling.

Specifically, SJC gold prices at currently listed brands are as follows:

SJC gold price in Hanoi and Da Nang area is listed at 73 million VND/tael purchased and 76.02 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 down by 1.5 million VND in both directions.

SJC gold bars are being purchased by Phu Quy at the price of 70.5 million VND/tael and sold at 75 million VND/tael, down 2.8 million VND on the buying side and 2.3 million VND on the selling side. PNJ brand gold bar price is listed at 72.5 million VND/tael purchased and 76 million VND/tael sold, down 2 million VND on the buying side and 1.5 million VND on the selling side.

At Bao Tin Minh Chau, SJC gold price has been adjusted down by 2.5 million VND on the buying side and 2.4 VND on the selling side to 70.5 million VND/tael and 74.8 million VND/tael, respectively.

At PNJ, SJC gold is being purchased at 72.5 million VND/tael and sold at 76 million VND/tael.

The difference between world gold price and domestic SJC is currently over 15 million VND/tael.

Facing strong fluctuations in gold prices, Mr. Dao Xuan Tuan, Director of the Foreign Exchange Management Department of the State Bank (SBV) shared his thoughts. According to him, the overarching goal of Decree 24 is to manage the gold market to limit the impact of gold price fluctuations on exchange rates, inflation and macroeconomic stability; Limit “goldenization” in the economy.

In the coming time, the State Bank will continue to coordinate with the Ministry of Public Security and relevant ministries and departments to strengthen inspection and examination in gold business activities.

He said that currently, the State Bank of Vietnam is ready to implement an intervention plan to stabilize the gold market through increasing the supply of SJC gold bars to the market. At the same time, the State Bank is summarizing and evaluating the implementation of Decree 24, which will propose appropriate gold market management solutions.

Unit: x1000 VND/tael

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

Gold price today December 22: Less optimistic data from the US economy pushed gold prices up sharply

Spot gold increased more than 1.1% to 2,052.79 USD/ounce at 6:50 a.m. Vietnam time, heading for the best trading session in six sessions. Newly released data showed that annual U.S. gross domestic product grew at a 4.9% pace last quarter, down from a previously reported 5.2% pace, while unemployment claims Weekly unemployment increased slightly.

“Slightly weak GDP data gave gold a boost,” said Tai Wong, an independent metals trader based in New York. The market is yearning for the Fed’s pivot policy.”

According to the CME FedWatch tool, the market expects an 83% chance the Fed will cut interest rates in March, compared with 79% before the data.

The US dollar recorded a decrease of 0.5% and the 10-year Treasury bond yield fluctuated near a 5-month low.

The Fed’s dovish stance has caused markets to price in some rate cuts in 2024. However, some Fed officials have spoken out against impending rate cuts.

Market focus has now shifted to the US core personal consumption expenditures (PCE) report due on Friday December 22.

“Gold will continue to hold above $2,000 and our expectations of easing inflationary pressures will continue to drive the trend,” said David Meger, director of metals trading at High Ridge Futures. sideways of gold”.

Meanwhile, UK inflation fell in November to a more than two-year low, reinforcing the prospect of a global interest rate cutting cycle. Elsewhere, the Bank of Japan maintained an extremely loose monetary policy, and the People’s Bank of China kept its benchmark lending rate unchanged.

Gold price today December 22: SJC gold increased close to 76 million VND/tael

SJC gold price this morning, December 22, continued to set a new record when it approached the mark of 76 million VND/tael sold. SJC gold price nationwide this morning bought at 74.8 million VND/tael and sold at 75.8 million VND/tael. SJC gold prices are currently listed at stores as follows:

SJC gold price in Hanoi and Da Nang area is listed at 74.8 million VND/tael purchased and 75.82 million VND/tael sold. In Ho Chi Minh City, SJC gold is still buying at the same level as in Hanoi and Da Nang but selling is 20,000 VND lower. Thus, compared to yesterday morning, SJC gold price has been adjusted to increase by 200,000 VND in both directions.

DOJI gold price in the Hanoi area is listed at 74.65 million VND/tael purchased and 75.70 million VND/tael sold. In Ho Chi Minh City, this brand’s gold is being bought and sold at 74.75 – 75.75 million VND/tael.

PNJ gold price is buying at 74.90 million VND/tael and selling at 75.80 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 74.52 – 75.38 million VND/tael. Meanwhile, in Phu Quy, SJC gold traded at 74.6 and 75.7 million VND/tael in buying and selling.

Compared to yesterday’s gold price, SJC gold continued to increase by 200,000 VND/tael in both buying and selling directions. The difference between domestic and world gold prices is about over 15 million VND/tael.

Unit: x1000 VND/tael

Gold price today December 17: World gold increased 13% since the beginning of the year, experts point out 5 reasons

Although the yellow precious metal also witnessed large buying demand in the past month, gold’s monthly profit has only reached about 3%. However, the 13% year-to-date return is much higher than risk-free options like bank FD (fixed deposit), public provident fund (PPF) and other small savings schemes supported by the government.

According to commodity market experts, the US banking crisis, the geopolitical crisis, and the US Fed’s stance on temporarily suspending interest rates are among the important factors that help gold maintain its position as a haven. hidden from investors throughout the year. They said that gold prices are expected to continue their upward trend because the US Fed has hinted at ending the high interest rate cycle and cutting interest rates three times by 2024.

Rajesh Sinha, Senior Research Analyst at Bonanza Portfolio said: “We believe that the US banking crisis in early 2023, global economic slowdown and geopolitical tensions are some of the reasons. Gold and Silver beat stock market returns globally by huge margins except for a few countries like India, despite the Fed continuing to raise interest rates and rising bond yields. , gold prices are still rising due to concerns about a global economic recession. In addition, the recent geopolitical conflict between Israel and Hamas has increased market volatility, making gold a popular asset class. due to its inherent stability in times of crisis”.

Indian market expert Sugarndha Sachdeva listed the following 5 factors that will help gold bring huge profits to investors in 2023:

1]Safe Haven Call: 2023 started with the US banking crisis, pushing risk-averse investors to the safety net of gold.

2]Geopolitical tensions: Even as prices cooled in Q2 and Q3, the Israel-Hamas conflict in Q4 reignited demand for gold as a store of value.

3]Dovish Fed and bearish dollar: The Fed’s move towards an interest rate cut by 2024 has weakened the dollar, boosting gold’s appeal.

4]Central banks’ gold purchases: Central banks’ strategic purchases of gold in large quantities have created additional upward pressure on prices.

5]Strong festival demand: The fourth quarter witnessed strong gold buying during the festival season in almost all countries around the world, pushing up gold prices.

Despite many prospects, analysts say gold needs a number of factors to recover to its all-time high. Gold prices are unlikely to break out next week when financial markets enter the holiday season.

Darin Newsom, senior market analyst at Barchart, said that with the holidays approaching, investors do not need to rush to buy. He believes that there is no motivation to increase gold prices from now until the beginning of the new year.

Commodities analysts at TD Securities said they do not expect to see much upside momentum next week. While the market is expected to continue to absorb the Federal Reserve’s updated economic forecasts, there will be a number of reports that investors and traders will have to keep an eye on in the coming week. The biggest risk event next week is expected to be the PCE inflation data, due out on Thursday. If inflation continues to cool to the Federal Reserve’s preferred benchmark, that will add to calls for aggressive interest rate cuts.

After a “shock” increase on Thursday and Friday, domestic gold prices today showed signs of cooling down nationwide. At 7:00 a.m. on December 17, SJC gold prices nationwide were trading at 73.5 million and 74.35 million VND/tael of buying and selling. Specifically, SJC gold prices are listed at the following brands:

SJC gold price in Hanoi and Da Nang area is listed at 73.35 million VND/tael purchased and 74.37 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 was adjusted down by 150,000 VND in both directions.

Phu Quy SJC is buying gold bars at the price of 73.3 million VND/tael and selling it at 74.3 million VND/tael.

At PNJ, SJC gold price is listed at 73.4 million VND/tael purchased and 74.4 million VND/tael sold, down 100,000 VND in both directions.

Meanwhile, Bao Tin Minh Chau adjusted down 50,000 VND on the buying side and 100,000 VND on the selling side to 73.45 million VND/tael and 74.35 million VND/tael sold, respectively.

Unit: x1000 VND/tael

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