On December 14, Saigon Jewelry Company (SJC) listed the price of gold rings of types 12 to 1 at only VND 5-83.3 million/tael (buy – sell), down from VND 84.7,500/tael. tael in relation to buying and selling volume. at the session the day before.
Likewise, the Gold, Silver and Precious Stones Doji group Lowered the price of 9999 gold ring to 83.5-84.6 million VND/tael (purchase – sale), down from 300 thousand VND/tael to l buying and selling compared to the previous day’s closing level.
The price of SJC gold bar decreased by 100,9999 VND/tael in buying and selling compared to the previous trading session. The price of 83.8 gold bars in SJC and Doji is 83.8 million VND/tael (purchase) and 86.8 million VND/tael (sale).
Gold price today on the world market closing the week at 2.647 USD/ounce. The gold futures price for February 2025 on the Comex New York floor is 2.675 USD/ounce.
After testing the resistance level at USD 2,700 earlier this week, global gold prices plunged amid reports showing persistent inflation in the United States affecting the Federal Reserve’s (Fed) monetary easing cycle .
The gold market started selling off after the US Department of Labor announced the Producer Price Index (PPI). The consumer price index in November rose 11% from the previous month – an increase exactly as economic experts predicted. Economists say high inflation and consumer prices will prevent the US central bank from raising interest rates.
The Fed may be much more cautious about the prospect of cutting interest rates next year as inflation rises and markets react to a series of administration-related uncertainties of President-elect Donald Trump.
Currently, traders are pricing in a 98.1% chance that the Fed will cut another 25 basis points at its December 17-18 meeting. Gold prices are still sensitive to adjustments in US interest rates.
An important news this week is that the People’s Bank of China (PBoC) has resumed its gold purchasing activities after a 6-month hiatus.
Central banks increasing their purchases of gold, particularly from emerging economies like China, in order to diversify their reserves away from the US dollar, are behind the sharp rise in gold prices of late.
Gold Price Prediction
In the short term, many experts predict that gold prices could range between 2.647 and 2.760 USD/ounce. Gold is a safe investment during times of geopolitical instability and rises sharply when interest rates are low.
Naeem Aslam, chief investment officer at Zaye Capital Markets, said gold investors should prepare for possible weakness next week as the Fed cuts interest rates. Gold prices may continue to face downward pressure. However, trading volume also declined as many traders took a break over the holiday period.
Lukman Otunuga, director of market analysis at FXTM, said gold prices are stuck. When the Fed is “hawkish,” this is a negative factor for gold.
In the long term, Goldman Sachs bank maintains its forecast that gold could reach $3.000 per ounce by the end of 2025.
