Gold prices end four consecutive sessions of increase as USD strengthens

At 1:41 AM on December 3rd, Vietnam time, the spot gold price fell 0.6% to $2,636.54 per ounce, after having dropped as much as 1% at one point.

Global gold prices fell on December 2nd, ending a four-session winning streak, as the US dollar strengthened and investors prepared for key economic data and comments from the Federal Reserve on its interest rate trajectory.

At 1:41 AM on December 3rd, Vietnam time, spot gold prices fell 0.6% to $2,636.54 per ounce, after having dropped as much as 1% at one point. Gold futures fell 0.8% to $2,658.50 per 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 US dollar index, which measures the strength of the greenback against a basket of major currencies, surged 0.7%, making gold more expensive for buyers using other currencies.

Trump's tariff threats have also fueled concerns that US interest rates will remain high for longer. These concerns caused gold prices to fall 3% in November, the sharpest monthly decline since September 2023.

This week, a series of important US economic data releases will be available, potentially influencing market expectations regarding monetary policy. Among the most important reports are the job creation figures, the ADP employment report, and the non -farm payrolls report.

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

BMI analysts see significant risks driving gold prices lower in 2025 and predict considerable volatility as the Fed adopts a more cautious approach to interest rate cuts, which would be detrimental to gold.

After cutting rates by 0.25 percentage points to 4.50-4.75% last month, the market is now assessing the likelihood of a further Fed rate cut in December at 64%.

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

Meanwhile in Vietnam, at the end of December 2nd, Saigon Jewelry Company announced the price of SJC gold bars at 82.80-85.30 million VND/ounce (buying price - selling price).

Source: VNA

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