Early last week, domestic gold ring prices increased. SJC listed the price of gold rings of type 1-5 at only 82.7-84.2 million VND/tael (buy - sell). Doji raised the price of 9999 gold rings to 83.3-84.3 million VND/tael (buy - sell). The price of 9999 gold bars at SJC and Doji is 82.7 million VND/tael (buy) and 85.2 million VND/tael (sell).

In the following sessions, the domestic gold ring price continued to increase. On December 11, the SJC gold price increased to 87 million VND/tael, the gold ring price also increased by 1 million VND/tael, with some brands exceeding 86 million VND/tael.

Since the session on December 13, domestic gold prices have reversed and decreased. Gold ring prices have decreased by 1 million VND, SJC gold bars have evaporated by 700,000-900,000 VND/tael.

On December 14, SJC listed the price of gold rings of type 1-5 at only 83.3-84.7 million VND/tael (buy - sell). At Doji, the price of 9999 gold rings was at 83.5-84.6 million VND/tael (buy - sell). The price of 9999 gold bars at SJC and Doji was 83.8 million VND/tael (buy) and 86.8 million VND/tael (sell).

Weekly, the price of gold rings increased by about 300,000 VND/tael for buying. The price of SJC gold bars increased by 1.6 million VND/tael.

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Domestic gold prices increase. Photo: Chi Hieu

The price of gold today on the world market closed last week at 2,647 USD/ounce. The price of gold futures for February 2025 on the Comex New York floor was at 2,675 USD/ounce.

Gold prices rose in the first three days of the week on news that China’s central bank was returning to buying gold after a six-month hiatus, said Marc Chandler, managing director at Bannockburn Global Forex. Spot gold hit $2,726 an ounce on Thursday, its highest in more than a month, before reversing course.

The gold market is awaiting the important decision of the US Federal Reserve (Fed) to cut interest rates at its meeting this week. According to the market, the current interest rate is still high and the long-term target must be lowered further. The core problem is persistently high inflation.

The Fed's policy rate is expected to fall to around 4.25-4.5% per year by the end of 2024 and continue to fall to around 3.25-3.5% per year by the end of 2025. The monetary policy easing will end in 2026, when interest rates are brought back to around 2.9% per year.

Gold Price Forecast

The biggest economic news event of the week is the Fed's final interest rate decision for 2024 on Wednesday afternoon. The Bank of England makes its interest rate decision on Thursday. There are also some interesting news such as November retail sales and the US personal consumption expenditure (PCE) index,...

Darin Newsom, senior market analyst at Barchart, predicts that gold prices will trend sideways this week, but that doesn’t mean the market won’t be dramatic. Unexpected moves in the gold market can happen like last week.

Heraeus Precious Metals Financial Group predicts that gold prices in 2025 will trade in the range of 2,450-2,950 USD/ounce. Central banks buying gold, geopolitical tensions in Ukraine and the Middle East, etc. are positive impacts on gold prices in the long term.