Gold price today December 17, 2023: Approaching a record high but buyers still suffer losses

On the morning of December 17, domestic gold prices decreased slightly. Saigon Jewelry Company - SJC bought gold bars for 73.35 million VND/tael and sold for 74.35 million VND, down 150,000 VND compared to yesterday morning. In general, after a week, each tael of SJC gold bar increased by 550,000 VND in buying and 350,000 VND in selling.

This reduced the difference between the buying and selling price of SJC gold bars to VND1 million instead of VND1.2 million as at the end of last week. However, this difference still caused SJC gold bar buyers to lose VND650,000 after a week, even though the precious metal continuously increased to near record highs.

Although gold prices rose to near record levels, buyers still suffered losses (NGOC THANG)

Meanwhile, SJC bought 4-number 9 gold rings for 60.8 million VND and sold for 61.85 million VND, an increase of 100,000 VND compared to the end of last week. The difference between buying and selling gold rings continued to remain at 1.05 million VND/tael.

The world gold price increased again this week, reaching 2,019.54 USD/ounce. Although the precious metal did not maintain the highest level set in the middle of the week, compared to the end of last week, the gold price still increased by nearly 15 USD. The increase in gold price was due to the USD plummeting after the US Federal Reserve (Fed) announced to keep interest rates unchanged and expected to have 3 cuts next year.

Lower interest rates increase the appeal of zero-yielding assets like gold. However, New York Fed President John Williams recently told CNBC that he dismissed market expectations of a rate cut starting in March 2024. Similarly, Atlanta Fed President Raphael Bostic said he expected two rate cuts in 2024, but they would not start until the third quarter of 2024.

If more Fed officials come out like John Williams before Christmas, we could see a deeper correction in gold prices, which would make the market a little more cautious, said Tai Wong, an independent metals trader based in New York.

According to thanhnien.vn

Source: https://thanhnien.vn/gia-vang-hom-nay-17122023-tien-sat-muc-ky-luc-nhung-nguoi-mua-van-bi-lo-1852312162017548.htm

Source: https://baolongan.vn/gia-vang-hom-nay-17-12-2023-tien-sat-muc-ky-luc-nhung-nguoi-mua-van-bi-lo-a168162.html