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Gold prices end four consecutive sessions of increase as USD strengthens

Việt NamViệt Nam03/12/2024


At 1:41 a.m. on December 3, Vietnam time, spot gold price decreased 0.6% to 2,636.54 USD/ounce, after at one point decreasing up to 1%.

Gold prices end four consecutive sessions of increase as USD strengthens

World gold prices fell in the trading session on December 2, ending a streak of four consecutive increases, as the USD increased strongly and investors prepared to receive important economic data and comments from the Federal Reserve (Fed) on the interest rate roadmap.

At 1:41 a.m. on December 3, Vietnam time, spot gold fell 0.6% to $2,636.54 an ounce, after falling as much as 1% at one point. Gold futures fell 0.8% to $2,658.50 an ounce.

Peter Grant, vice president and senior metals strategist at Zaner Metals, said the stronger dollar, partly due to comments from US President-elect Donald Trump, is putting pressure on gold prices.

The dollar index, which measures the greenback's strength against a basket of major currencies, jumped 0.7%, making gold more expensive for buyers using other currencies.

Trump’s tariff threats have also fueled concerns that US interest rates will stay high for longer, sending gold down 3% in November, its biggest monthly decline since September 2023.

This week, a series of important US economic data will be released that could influence market expectations for monetary policy. Among the most important reports are the number of jobs being hired, the ADP employment report and the non -farm payrolls report.

In addition, several Fed officials, including Fed Chairman Jerome Powell, will also speak.

BMI analysts see significant downside risks to gold in 2025 and predict significant volatility in gold prices as the Fed takes a more cautious approach to rate cuts, which could be negative for gold.

After cutting rates by 0.25 percentage point to 4.50-4.75% last month, markets are now pricing in a 64% chance of a further cut in December.

In other precious metals markets, spot silver fell 0.6% to $30.41 an ounce, and platinum edged up 0.1% to $946.25 an ounce.

Meanwhile in Vietnam, at the end of December 2, Saigon Jewelry Company announced the price of SJC gold bars at 82.80-85.30 million VND/tael (buy-sell).

Source: VNA



Source: https://baophutho.vn/gia-vang-cham-dut-chuoi-4-phien-tang-lien-tiep-khi-dong-usd-manh-len-223814.htm

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