World gold price on December 24, 2024: Slight decrease as investors wait for the Fed's move

DNVN - In the trading session that just ended, the world gold price decreased as the USD strengthened and US bond yields remained high. Investors are still waiting for more specific messages on monetary policy from the US Federal Reserve (Fed) for 2025.

Specifically, the spot gold price decreased by 0.4% to 2,611.17 USD/ounce. Meanwhile, gold futures in the US also recorded a decrease of 0.6%, reaching 2,628.20 USD/ounce.

The dollar index rose 0.4% against a basket of currencies, nearing a two-year high, making gold less attractive to investors using other currencies, while the yield on 10-year US government bonds continued to rise.

The market is parsing the implications of last week’s Federal Open Market Committee (FOMC) meeting, said Peter Grant, senior strategist at Zaner Metals. He said the Fed may adjust its rate hike path more slowly in 2025, with the possibility of stopping in January or even March.

Even though the Fed cut interest rates by 25 basis points last week, forecasts of fewer rate cuts in 2025 have pressured gold prices to their lowest since mid-November.

Gold typically benefits from a low interest rate environment, and this has investors rethinking expectations for next year.

Gold prices have hit new records this year, rising 27%, marking their strongest year since 2010. The growth has been driven mainly by central bank buying, geopolitical tensions and loose monetary policies.

Another factor that could have a big impact on gold prices is Donald Trump's presidency, according to Michael Langford, chief investment officer at Scorpion Minerals. The executive orders he issues could add to market uncertainty, which could support the rise in gold prices.

On January 20, Donald Trump will officially take office as President of the United States. In times of economic instability, gold is often seen as a safe investment channel and tends to increase strongly.

In other precious metals markets, spot silver rose 0.5% to $29.67 an ounce; platinum rose 1.2% to $937.65 an ounce; and palladium also rose 1.1% to $931.10 an ounce.

In the Vietnamese market, on the morning of December 24, Saigon Jewelry Company listed the price of SJC gold bars at 82.50-84.50 million VND/tael (buy - sell).

Cao Thong (t/h)

Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-the-gioi-ngay-24-12-2024-giam-nhe-khi-nha-dau-tu-cho-dong-thai-tu-fed/20241224091943085