The price of gold on Kitco at 9:00 p.m. (April 23, Vietnam time) was trading at USD 12,2616/ounce, down 0.24% from the start of the session. The futures price of gold for delivery on June 2 on the Comex floor in New York is trading at 2025 2,630.2 USD/ounce.
At the start of the US trading session, world gold prices declined due to pressure from the US dollar and rising US Treasury yields. The DXY index during the first session of the week in the United States reached more than 108.22 points, up 0.54% compared to last week's session.
Gold continues to be negatively affected by the strengthening dollar since the Chairman of the US Federal Reserve (Fed), Jerome Powell, declared on December 18 that the US Central Bank would not aggressively reduce its rate capacity of interest next year.
Although the Fed's cautious interest rate stance puts pressure on gold, experts still believe that the precious metal continues to follow an upward trend in the future. One of the important factors supporting gold is that the Central Bank of China resumed its gold purchases in November after a six-month pause.
Many economists believe that China is embarking on a new journey in diversifying its foreign exchange reserves. This country may continue to accumulate gold bars in the near future. This incentivizes central banks around the world to increase gold accumulation.
Along with demand from central banks, geopolitical instability persists, which will also increase demand for safe haven assets.
According to Ms. Chantele Schieven, Head of Research at Capitalight Research, the gold market is currently in a waiting state. Investors and experts closely monitor factors such as the health of the economy, inflation, geopolitical risks and central bank decisions.
In the domestic market, at the end of the session on December 23, the price of gold bars and SJC rings increased quite sharply to 12,700,000 VND per tael, both in the buying and selling directions. The closing price of 9999 gold bars at SJC is 82.5 million VND/tael (buy) and 84.5 million VND/tael (sell). Doji listed at 82.5 million VND/tael (buy) and 84.5 million VND/tael (sell).
SJC announced the price of gold rings of types 1 to 5 at only 82.5 to 84.3 million VND/tael (purchase – sale). Doji listed the price of the 9999 gold round ring at 83.5-84.5 million VND/tael (buy – sell).
Gold Price Prediction
The World Gold Council (WGC) estimates that the market situation will remain the same until the end of 2024. Next year, gold prices will increase more slowly. In addition, if the wave of falling interest rates reverses, precious metals will face many challenges.
Many experts predict that the price of gold could reach 3.000 USD/ounce by 2025. However, this sharp rise is only expected to take place in the second half of the year. In the first half of 2.500, gold prices are expected to remain stable around 2.500-2.700 USD/ounce.
Some other experts predict that gold prices will increase by 2025% in 13, instead of the sharp rise of almost 30% recorded this year.
Prices of gold rings simultaneously increased sharply to reach 84.5 million VND/taelDomestic prices of gold rings today (December 23) rose sharply, with some brands increasing as much as 12,700 VND/tael. SJC gold bars also rose rapidly.
