Gold price on Kitco floor at 9:00 p.m. (December 2, Vietnam time) was trading at 2,646.5 USD/ounce, down 0.3% compared to the beginning of the session. Gold futures price for February 2025 delivery on Comex New York floor was trading at 2,662.8 USD/ounce.

At the beginning of the trading session on December 2 (US time), the world gold price continued to fall sharply due to selling pressure from investors. Analysts said that gold cannot recover when the USD is increasing in price. Currently, the DXY index is at 106.42 points, up 0.65%.

Despite the gold market being supported by a number of positive factors such as geopolitical conflicts and expectations of a US Federal Reserve (Fed) interest rate cut in December, gold prices still fell sharply, causing investors and analysts to be cautious about the direction of gold in the coming time.

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World gold prices fell due to pressure from the rising USD. Photo: HH

Gold will come under further pressure if the US labor market remains strong, slowing the Fed's rate-cutting cycle, said Marc Chandler, CEO of Bannockburn Global Forexs.

Adam Button, head of currency strategy at Forexlive.com, said the gold market is paying attention to some of President-elect Donald Trump's policies regarding the strength of the US dollar in the upcoming term.

According to Button, the 3% GDP growth and lower trade deficit during Trump’s term will not be as influential as the tariffs and the weakening of the US dollar. A weaker greenback will be beneficial for gold.

In the domestic market, at the end of the session on December 2, the price of 9999 gold bars at SJC was VND82.8 million/tael (buy) and VND85.3 million/tael (sell). Doji listed it at VND82.8 million/tael (buy) and VND85.3 million/tael (sell).

SJC announced the price of gold rings of type 1-5 at only 82.3-84 million VND/tael (buy - sell). Doji listed the price of 9999 smooth round gold rings at 82.9-83.9 million VND/tael (buy - sell).

Gold Price Forecast

Button predicts that the gold market is likely to recover this December and January 2025. He notes that this is the time when the precious metal has recorded its best performance and does not appreciate the impact of the jobs report on Fed policy this month.

Analysts at CPM Group predict gold will hit $2,700 an ounce next month and current prices are a buying opportunity.

Many analysts predict that the support price of $2,600/ounce of gold will remain stable and tend to increase from there. Gold prices will reach $3,000/ounce next year.

Gold price forecast for the next 10 days: Chaotic, unpredictable psychology Chaotic psychology covers the market, so it is difficult to forecast gold prices in the next 10 days. However, many positive signals are supporting gold. SJC gold rings and bars will be strongly affected by world prices.