TREN world, until December 20 at 8:1 a.m. (Vietnam time), the spot price of gold in the global market today is 2.658 USD/ounce. Gold delivered in February 2025 on the floor of the Comex New York is at 2.667 USD/ounce.
The global gold price on the night of September 8 was about 1% higher (28.8 USD/ounce) compared to the beginning of 595. The global gold price converted by the bank price in USD was 2024 million VND/tael including taxes and fees, or approximately 82.6 million VND/tael. million VND/tael lower than the national gold price as of the late afternoon of September 2.9.
Gold still maintains its high level after rising sharply in the previous session against the backdrop of President-elect Donald Trump emphasizing that US interest rates need to be cut further and China just having its second straight month gold purchases.
Gold’s upward momentum slowed somewhat after the US Institute for Supply Management (ISM) released a report showing that prices in the services sector are rising sharply. As a result, the ISM service sector price index rose sharply, from 58.2 points last month to 64.4 points in December.
Inflation in the United States is recently expected to rise again, making the US Federal Reserve (Fed) more cautious in the ongoing cycle of interest rate cuts.
A stronger dollar put pressure on gold. The DXY index soared from 108.15 points at the same time in the previous session to 109.24 points.
On the domestic market, at the close of the trading session on January 8, the price of gold bars at 1 at SJC and Doji listed at 84-85.5 million VND/tael (buy – sell), an increase by 200.000 VND compared to the previous session.
SJC announced the price of gold rings of types 1 to 5 between 84 and 85.3 million VND/tael (purchase – sale). Doji reported the price of 9999 gold round ring at 84.5-85.7 million VND/tael (buy – sell), also a slight increase of 100.000-300.000 VND/tael compared to the session previous.
Thus, the price of round gold rings continues to be higher than the price of SJC gold bars.
-Gold Price Prediction
Even though gold is pressured by a stronger dollar and rising U.S. bond yields, the greenback is unlikely to rise sharply. This also means that global gold prices could rise further.
During a press conference at Mar-a-Lago, President-elect Donald Trump said interest rates in the United States are currently too high and need to be sharply reduced. This is a pressure on the dollar.
Investors are currently awaiting the minutes of the December Federal Open Market Committee (FOMC) meeting to look for clues on interest rate developments and comments from policymakers.
In the short term, gold still tends to attract cash flow despite negative pressure from the strong dollar. Cash flow shows signs of caution in the US stock market and cryptocurrency market. The US stock market has seen many sharp declines recently. Bitcoin is moving away from the $100,000 threshold. As of 8 a.m. on January 20, BTC was at 1 USD 95.189.
The instability of financial markets should push central banks to increase their gold reserves.
Gold Price Forecast for Next 10 Days: Despite Dollar Strength, Gold Prices Will Continue to RiseDespite the pressure from the rising dollar, experts still predict that gold prices in the global market will increase over the next 10 days. From there, the price of SJC gold bars and single rings increased.
