DNVN - On December 26, global gold prices increased slightly as investors sought safe havens in a gloomy trading session after the Christmas holidays. The market is focusing on US economic signals under the upcoming administration of Donald Trump, along with the Federal Reserve's interest rate strategy in 2025.
At 1:47 a.m. on December 27, Vietnam time, spot gold price increased 0.9% to 2,635.29 USD/ounce, while gold futures price inched up 0.7% to 2,653.90 USD/ounce.
Daniel Pavilonis, a senior strategist at RJO Futures, said the gold price rise was partly due to the escalating conflict in Ukraine. He said central banks will continue to buy gold, and persistent inflation could spur demand from retail buyers. He predicted that gold prices could surpass $3,000 an ounce by 2025.
Gold is often used as a safe haven asset during times of geopolitical uncertainty and inflation. However, rising interest rates could reduce the appeal of the non-yielding asset. Gold has risen 28% year to date, hitting a high of $2,790.15 an ounce on October 31.
Ajay Kedia, director of Kedia Commodities in Mumbai, predicts a volatile period for gold prices in 2025. He expects the precious metal to rise in the first half of the year due to geopolitical tensions, but could fall in the second half due to profit-taking.
As Donald Trump prepares to return to the White House in January 2025, markets are expected to closely monitor US economic data to assess the Fed’s policies. After implementing interest rate cuts in September and November, the Fed continued to ease monetary policy in December, but hinted at a slowdown in 2025.
In this trading session, spot silver price increased slightly by 0.4% to 29.72 USD/ounce, while platinum price decreased by 0.9% to 935.25 USD/ounce.
In the Vietnamese market, on December 26, the price of SJC gold bars announced by DOJI Gold and Gemstone Group and Saigon Jewelry Company (SJC) was at 82.5 - 84.5 million VND/tael (buy - sell).
Cao Thong (t/h)
Source: https://doanhnghiepvn.vn/kinh-te/gia-vang-the-gioi-ngay-27-12-2024-tang-nhe-trong-boi-canh-thi-truong-giao-dich-tram-lang/20241227080345078
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