Gold prices near record high, receive positive support, will continue to "soar"?

Gold prices today, December 25, 2023, are moving closer to a record high thanks to the latest data from the US supporting the Fed's bet on early monetary easing in 2024. Gold prices next year are receiving quite positive forecasts from experts.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 12/25 AND EXCHANGE RATE TODAY 12/25

Domestic gold price at Saigon Jewelry Company - SJC was bought at 75.7 million VND/tael, sold at 76.9 million VND, down 100,000 VND in buying price but up 100,000 VND in selling price compared to yesterday. In total for the week, each tael of gold bar increased by 2.55 million VND.

Notably, the difference between the buying and selling price of SJC gold bars at the end of the week was pushed up to 1.2 million VND. This caused buyers to only make a profit of 1.35 million VND after a week, equivalent to about 50% of the increase in SJC gold.

Meanwhile, SJC bought 4-9 gold rings for 61.9 million VND and sold them for 62.95 million VND. This is a record price for gold rings despite gold bars falling below 77 million VND. The difference between buying and selling gold rings continues to be maintained at 1.05 million VND/tael and is lower than gold bars of the same brand.

World gold price closed the trading week (December 22) on Kitco floor at 2,053.9 USD/ounce.

Precious metals rose sharply this week due to the US dollar's decline. The US core personal consumption expenditure (PCE) report for November was lower than expected.

That has led many investors to expect the US Federal Reserve (Fed) to cut interest rates soon. Previously, Fed officials expected to make three interest rate cuts in 2024.

World gold prices are moving closer to a record high as the latest data from the US supports the Fed's bet on monetary easing as early as 2024.

Analysts expect the precious metals market, including gold, to be driven higher by expectations that the US Federal Reserve will cut interest rates by 1.5% in 2024, starting in March.

The number of rate cuts forecast is less than the four that the market expected, but more than the two that the Fed gave in its September forecast.

Expectations were further boosted by newly released economic data showing US inflation is moving closer to target.

Gold price today December 25, 2023: Gold price approaches record high, receives positive support, will it continue to 'sublimate'? (Source: investing.com)

Summary of SJC gold prices at major domestic trading brands at the closing time of December 24:

Saigon Jewelry Company listed the price of SJC gold at 75.7 - 76.9 million VND/tael.

Doji Group currently lists the price of SJC gold at: 75.7 - 77.0 million VND/tael.

PNJ system listed at: 75.75 - 76.95 million VND/tael.

SJC gold price at Bao Tin Minh Chau is listed at: 75.82 - 76.95 million VND/tael; Rong Thang Long gold brand is traded at 62.43 - 63.38 million VND/tael; jewelry gold price is traded at 62.05 - 63.15 million VND/tael.

Converted according to the USD price at Vietcombank on December 23, 1 USD = 24,030 VND, the world gold price is equivalent to 59.46 million VND/tael, 17.54 million VND/tael lower than the selling price of SJC gold.

Gold backed in 2024

Gold prices next year are receiving quite positive forecasts from experts.

“Gold looks set to be well supported by a number of factors in 2024. The start of a rate-cutting cycle in the US, slowing economic growth, a weaker US dollar, strong central bank buying and rising geopolitical risks,” ANZ Bank strategists told FX Street.

“We have raised our 12-month price forecast to $2,200 from $2,150,” the bank’s experts predicted.

In addition, experts say geopolitical risks, including tensions in the Middle East and China's economic adjustments, along with concerns about financial sustainability could positively affect the gold market.

Regarding the Vietnamese market, Mr. Huynh Trung Khanh, Vice President of the Vietnam Gold Business Association, at the present time, he recommends that gold investors should be cautious in both selling and buying.

This expert emphasized: "The trend of gold prices in 2024 is to increase more than decrease. If the world gold price continues to increase, the domestic gold price will adjust accordingly. Except in the case that the country allows the import of raw gold to produce SJC gold, the price will decrease immediately. As long as the State Bank has information that it will allow the import of raw gold for production in the future, the price will decrease immediately."

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