Gold prices rise sharply again, world gold sets all-time record

12/02/2023 10:40 Nhat Linh Print article

ANTD.VN - The price of gold futures on the world market has set an all-time record, while domestic gold also increased by 500,000 VND per tael in the weekend session.

After 2 relatively quiet days, domestic gold prices have "made waves" again in the weekend trading session.

Saigon Jewelry Company (SJC) listed the opening price of SJC gold at 72.70 - 74.02 million VND/tael, an increase of 400 thousand VND/tael for buying and 500 thousand VND/tael for selling compared to the closing price of yesterday's trading session.

At DOJI , the gold price is trading at 72.30 - 74.00 million VND/tael in the early morning, unchanged for buying but also increased by 500 thousand VND per tael for selling; Phu Quy SJC is listed at 72.80 - 74.00 million VND/tael, increased by 400 thousand VND/tael for buying and increased by 500 thousand VND/tael for selling; Bao Tin Minh Chau is 72.80 - 73.95 million VND/tael.

Similarly, non-SJC gold prices are also on the rise and continue to set new records. PNJ gold this morning was listed at 61.60 - 62.80 million VND/tael, an increase of 300 thousand VND/tael; SJC 99.99 gold rings were listed at 61.55 - 62.65 million VND/tael; Bao Tin Minh Chau round rings were 62.03 - 63.13 million VND/tael...

Gold prices continue to rise sharply

Domestic gold prices are being supported by the strong increase in world gold prices. At the end of the weekend trading session in the US market (early this morning, Vietnam time), spot gold prices closed with a strong increase of nearly 35.3 USD per ounce, reaching 2,071 USD/ounce. This price is only about 10 USD lower than the record high reached in May.

Meanwhile, gold futures for February delivery last traded at $2,091.90 an ounce, up more than 4% from Friday’s close and setting a new all-time high. Gold’s previous record was $2,089.20 in August 2020.

Gold is seeing renewed buying momentum as markets continue to price in a rate cut in early March, despite the Fed’s uncertain rhetoric. Fed Chairman Jerome Powell said Friday that he is still not confident that monetary policy is restrictive enough to bring inflation down to 2%.

However, markets appear to be paying little attention to what Powell is saying, as the CME FedWatch Tool shows that markets are now pricing in a more than 50% chance of the Fed cutting rates in the first quarter of 2024.

Despite the optimism, some analysts are recommending that investors be cautious with gold at these levels and not chase the market. A key data point next week is the non -farm payrolls report on Friday.

With expectations of interest rate cuts so high, any disappointing data for investors will put gold prices at risk of correction.

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